The Shield: Q1 Market Update
Noah Rosenbaum
May 13, 2026
Both taxable and tax-exempt rates were volatile throughout the first quarter of 2026, as geopolitical developments disrupted what had been a constructive start to the year. Municipal bond returns were comfortably in the green through January and February, fund flows were trending positively, and market participants were feeling cautiously optimistic about a resumption of Fed easing.