After months of mixed performance in the municipal bond market, as measured by the Standard & Poor’s Municipal Bond Investment Grade Index, 2023 had a solid finish. The year began with yields higher than those seen in recent years. The overall drop in the intermediate-to-long portions of the yield curve provided an additional boost to returns. Spread changes, however, were mixed, with a mid-year rally in lower-rated bonds partially reversing in the last months of the year. All data included in this report was produced using Investortools’ Custom Index Manager™ product.
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