April 2025 was an extraordinary month in the municipal securities market, fueled by market uncertainty that rocked financial markets around the world. Municipal securities saw unprecedented trading volume as well as the highest level of interest rate volatility since the COVID pandemic in March 2020. Consistent with previous MSRB research, higher yields and higher interest rate volatility led to higher volumes, especially in terms of trade count. There were also net outflows from tax-exempt mutual funds and tax-exempt exchange traded funds (ETFs). The new issue calendar was robust, although many deals were pulled or listed as day-to-day at the height of the market volatility.
April-2025-Market-Recap-