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Munis Suffer Worst Month In Almost 20 Years

Andre Savage
Published Oct 1, 2026
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Summary:
  • September delivered the steepest monthly drop for US state and local bonds since 2008.
  • The Bloomberg Municipal Bond Index fell about 4.4% last month.
  • Yields jumped to highs not seen since at least 2011, then pulled back as prices rebounded for two days.

What drove the selloff

Municipal debt sank in September as investors worried about inflation, with those concerns stoked by the ongoing US-Iran conflict, and as the market fretted over potential interest-rate increases. Bloomberg's data show muni yields climbed to their highest levels since at least 2011.

Market moves and early stabilization

Following an approximate 4.4% decline in September, the Bloomberg Municipal Bond Index recorded its weakest month since September 2008, the month of the largest-ever US bankruptcy involving Lehman Brothers Holding Inc. Some pressure has eased: muni prices advanced for a second day on Thursday, breaking a nearly two-week selling streak.

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Yields in focus

By 4 p.m. in New York, the benchmark 10-year muni yield had fallen 9 basis points to around 4.02%, according to Bloomberg figures. The 30-year benchmark yield slipped almost 4 basis points to 5.15%. Ryan Ciavarelli, Belle Haven Investments' senior vice president for credit research, said, "After a difficult stretch in September where we saw a rapid rise in yields, the market appears to be having a relief rally to start the week with reported cash coming into ETFs." "That has led to bumps in our scale and a chance for issuers to place deals into the market under improved conditions."

Even with uncertainty around, consistent investing builds advantage over time, download your free Always Be Buying E-Book now.

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