Macquarie Municipal Fixed Income Markets Q3 2025 Commentary

Macquarie Asset Management 25 Follower s Follow 5 Share Save Play ( 21min ) Comments Summary The US municipal bond market recorded positive returns for 3Q25. The Bloomberg Municipal Bond Index returned 3.00%. Year to date, the municipal bond market issuance was at a record-setting pace, totaling more than $430 billion. We believe the recorded-setting pace of issuance could continue through 4Q25. Municipal credit remains fundamentally strong, in our view, bolstered by solid economic performance and the unprecedented fiscal aid directed to local governments. phongphan5922/iStock via Getty Images Market review The US municipal bond market recorded positive returns for 3Q25. Softer economic and employment data were the catalyst for monetary easing. Against this backdrop, there was a strong rally in September. Additionally, political uncertainty and fiscal policy influenced This article was written by Macquarie Asset Management 25 Follower s Follow Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities and multi-asset solutions. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide. Delaware Funds by Macquarie refers to certain investment solutions that MAM distributes, offers, or advises. Investment advisory services are provided to the Delaware Funds by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a Securities and Exchange Commission (SEC) registered investment adviser. The Delaware Funds are distributed by Delaware Distributors, L.P., a registered broker/dealer and member of the Financial Industry Regulatory Authority (FINRA) and an affiliate of MIMBT. Note: This account is not managed or monitored by Macquarie Asset Management, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use the Macquarie Asset Management's official channels.

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