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Franklin Templeton Fixed Income Muni Monitor Weekly Fixed Income

Muni Monitor Weekly: Muni Rebounds

Take a deep dive into activity in the municipal bond market over the past week.

Franklin Templeton Fixed Income

Published date

October 20, 2026

View more from this team

Reading time

8 minutes

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Key takeaways

  • Munis posted positive returns last week, outperforming taxable fixed income.
  • Technicals strengthened following improved demand and lighter new-issue supply.
  • Following the strong performance recorded since the significant drawdown last quarter, we touch on historical municipal recovery activity.

Municipal Yield Changes and Returns

AAA Muni vs. Treasury Yield Changes and Ratios
As of October 16, 2026

Tenor

AAA

Δ bps

UST

Δ bps

Ratio

10Y avg

2-year

3.11%

−22

4.71%

−8

66%

74%

5-year

3.27%

−23

4.87%

−15

67%

72%

10-year

3.74%

−22

5.08%

−17

74%

79%

30-year

4.97%

−17

5.42%

−17

92%

92%

Source: Bloomberg. BVAL AAA callable curve and Treasury generics as of October 16, 2026; change vs. October 9, 2026. Ratio = AAA muni yield ÷ Treasury yield; 10-year average of daily ratios. Bps represents basis points. UST equals US Treasuries.

Index Returns and Yields
As of October 16, 2026

Bloomberg Index

1 wk

YTD

YTW

TEY

Municipal

1.31%

−2.24%

4.48%

7.57%

High Yield Muni

1.46%

0.19%

6.02%

10.17%

U.S. Corporate

0.86%

−1.82%

5.89%

5.89%

U.S. Treasury

0.91%

−1.54%

4.96%

4.96%

Global Aggregate

0.89%

−1.88%

4.32%

4.32%

Source: Bloomberg. One-week return vs. October 9, 2026. TEY equals taxable-equivalent yield at a 40.8% top marginal rate.

Source: LSEG Lipper weekly reporting funds, week to October 14, 2026, As of October 16, 2026. Issuance: Bloomberg cumulative year-to-date issuance. Visible supply: The Bond Buyer 30-day visible supply.

Markets Last Week

Fixed income volatility persisted last week amid heightened artificial intelligence profitability concerns that contributed to a flight to quality, which contended with hotter-than-expected inflation data. The September Consumer Price Index (CPI) surprised to the upside, increasing 3.7% year-over-year (Y/Y), versus 3.4% for the prior month. Core CPI also surprised to the upside, ticking higher to 2.6% from 2.4%. Hotter-than-anticipated Producer Price Index data followed Thursday, with headline producer prices up 6.3% Y/Y, while the core measure excluding food, energy and trade services rose to 5.0%.

All told, the Treasury curve moved lower, dominated by the flight-to-quality sentiment, moving 8 basis points (bps) lower in 2-year maturities and 17 bps lower in 30-year maturities. High-grade municipals rallied past Treasuries during the week amid improved technical conditions: AAA yields moved 22 bps lower in 2-years and 17 bps lower in 30-years. The Bloomberg Municipal Bond Index returned 1.31%, outperforming both the Treasury (0.91%) and corporate bond (0.86%) indexes.

Supply and Demand Technicals

Weekly reporting municipal funds recorded US$1.6 billion of net inflows during the week ended October 14, up from US$1.1 billion the prior week, with inflows observed across the curve. Notably, ETFs recorded a second consecutive record week of US$5.0 billion of net inflows, while open-end funds recorded US$3.4 billion of net outflows as tax-loss harvesting activity continued. Inflows were driven entirely by investment-grade funds (US$2.2 billion) as high-yield funds recorded US$540 million of outflows. Year-to-date (YTD) net inflows stand at US$75.7 billion, the second-highest level on record for the comparable period and US$33.1 billion ahead of last year's pace.

Municipal new-issue supply of US$11.8 billion during the week was 29% below the prior week's US$16.6 billion but lifted YTD issuance to US$503 billion, 11% ahead of last year's record pace. The 30-day visible supply edged up to US$19.8 billion, 11% above the prior week and in line with the US$20.0 billion visible at the same point last year.

This Week in Munis: Market Rebounds

  • The recent municipal selloff was rare by historical standards. Amid interest-rate volatility, heavy issuance and tax-loss selling pressure, the Bloomberg Municipal Bond Index declined 7.0%, its seventh-largest peak-to-trough drawdown and part of the market's weakest quarter since 1981. It has since recovered roughly 2.7% through October 15. With the rebound still early, the historical context is especially relevant as investors consider potential entry points amid the volatility.

Municipal Bond Index: Seven Largest Drawdowns
As of October 16, 2026
Percent Change from Prior Peak

The chart presents seven drawdown episodes in chronological order. Time between episodes is omitted, so the horizontal axis is not continuous. Each episode begins at 0%, representing its pre-drawdown peak, and shows the subsequent decline and recovery. • January–May 1980: trough of −12.6% on March 31, 1980. • June 1980–August 1982: trough of −22.4% on August 31, 1981—the largest decline shown. • January 1994–March 1995: trough of −8.3% on November 30, 1994. • September 2008–February 2009: trough of −11.2% on October 16, 2008. • March–July 2020: trough of −10.9% on March 23, 2020. • August 2021–September 2025: trough of −13.4% on October 26, 2022. • July 2026–ongoing: trough of −7.0% on September 29, 2026; ongoing as of October 14, 2026.Source: Bloomberg, Bloomberg Municipal Bond Index. Each panel is rebased to the pre-drawdown peak and runs through 60 calendar days after recovery to the prior peak level; the 6 July 2026 drawdown is ongoing. Drawdowns, left to right: (1) 1/31/1980 peak, 3/31/1980 trough, 5/30/1980 recovery (−12.6%); (2) 6/30/1980, 8/31/1981, 8/31/1982 (−22.4%); (3) 1/31/1994, 11/30/1994, 3/31/1995 (−8.3%); (4) 9/11/2008, 10/16/2008, 2/12/2009 (−11.2%); (5) 3/9/2020, 3/23/2020, 7/31/2020 (−10.9%); (6) 8/4/2021, 10/26/2022, 9/10/2025 (−13.4%); (7) 7/6/2026 peak, 9/29/2026 trough, ongoing (−7.0%). Past performance is not indicative of future results.

  • Historical recoveries following municipal drawdowns have been strong, with much of the rebound occurring early. The 10 largest drawdowns of the Bloomberg Municipal Bond Index prior to the current episode averaged -10.5%, ranging from -6.5% to -22.4%. In the 12 months following each trough, the index typically returned more than its drawdown, considering an average rebound of 15.6%. Notably, returns averaged 9.6% in the first six months, representing the majority of the recovery and underscoring how quickly recoveries can unfold.

Ten Largest Municipal Drawdowns and Subsequent 12-Month Recoveries
1980-2026
Percent

Chart: Ten largest municipal drawdowns and subsequent 12-month recoveries The chart compares the ten largest municipal bond drawdowns with the 12-month return from each trough. Burgundy bars show maximum drawdowns; dark blue bars show subsequent 12-month returns. The 2026 episode is ongoing, so its light-blue recovery bar shows the return to date through October 15, 2026. • 1980: maximum drawdown of −12.6%; subsequent 12-month return of 7.3%. • 1981: maximum drawdown of −22.4%, the largest decline shown; subsequent 12-month return of 31.5%, the strongest recovery shown. • 1984: maximum drawdown of −6.6%; subsequent 12-month return of 27.5%. • 1987: maximum drawdown of −6.5%; subsequent 12-month return of 9.0%. • 1994: maximum drawdown of −8.3%; subsequent 12-month return of 18.9%. • 2008: maximum drawdown of −11.2%; subsequent 12-month return of 19.9%. • 2011: maximum drawdown of −6.5%; subsequent 12-month return of 15.2%. • 2013: maximum drawdown of −6.8%; subsequent 12-month return of 10.4%. • 2020: maximum drawdown of −10.9%; subsequent 12-month return of 13.3%. • 2022: maximum drawdown of −13.4%; subsequent 12-month return of 2.8%. • Average of the ten completed episodes: maximum drawdown of −10.5%; subsequent 12-month return of 15.6%. • 2026 ongoing episode: maximum drawdown of −7.0%; recovery of 2.7% to date through October 15, 2026.Source: Bloomberg. As of October 16, 2026. Bloomberg Municipal Bond Index; drawdown periods as defined above. Past performance is not indicative of future results.

  • Waiting for stability can come at the expense of attractive tax-exempt income opportunities. Investors waiting for volatility to subside risk missing not only a potential rebound but also the higher starting tax-exempt yields available during a selloff. Across the recoveries following the 10 largest selloffs, the Bloomberg Municipal Bond Index yield-to-worst declined by an average of 1.26%. At an assumed 40.8% tax rate, this translates to an average taxable-equivalent yield decline of 2.13%. We believe investors waiting for clearer signs of stability may forgo the opportunity to lock in attractive long-term tax-exempt income that could enhance after-tax returns.

Municipal Bond Index Yield After Selloff and After Recovery

Period

Average

1980

1981

1984

1987

1994

2008

2011

2013

2020

2022

Yield after selloff

6.88%

9.92%

12.91%

10.73%

8.01%

6.53%

5.45%

4.05%

3.43%

3.52%

4.22%

Yield after recovery

5.62%

7.92%

10.61%

10.07%

7.18%

5.70%

3.91%

3.44%

2.54%

1.20%

3.64%

1980-2022
Basis Points (bps)

Chart: Municipal Bond Index Yield After Selloff and After Recovery The table compares the Bloomberg Municipal Bond Index yield at each drawdown trough (after the selloff) with the yield when the index recovered to its prior peak. The bars show the resulting yield decline in basis points. The average decline across the ten episodes was 126 basis points; the largest declines were about 231 basis points in 2020 and 230 basis points in 1981. Data are as of October 16, 2026. • Average: yield declined from 6.88% after the selloff to 5.62% after recovery, a decrease of 126 basis points. • 1980: yield declined from 9.92% to 7.92%, a decrease of 200 basis points. • 1981: yield declined from 12.91% to 10.61%, a decrease of 230 basis points. • 1984: yield declined from 10.73% to 10.07%, a decrease of 67 basis points. • 1987: yield declined from 8.01% to 7.18%, a decrease of 83 basis points. • 1994: yield declined from 6.53% to 5.70%, a decrease of 83 basis points. • 2008: yield declined from 5.45% to 3.91%, a decrease of 154 basis points. • 2011: yield declined from 4.05% to 3.44%, a decrease of 61 basis points. • 2013: yield declined from 3.43% to 2.54%, a decrease of 89 basis points. • 2020: yield declined from 3.52% to 1.20%, a decrease of 231 basis points. • 2022: yield declined from 4.22% to 3.64%, a decrease of 58 basis points.Source: Bloomberg. As of October 16, 2026. Bloomberg Municipal Bond Index yield-to-worst at the drawdown trough ("after selloff") and after recovery to the prior peak; bars show the decline between the two in basis points. An average 126 bp decline equates to roughly 213 bps of taxable-equivalent yield at a 40.8% rate. Drawdown periods as defined above. Past performance is not indicative of future results.

  • We believe several factors support a particularly constructive outlook following the recent municipal selloff. Starting yields near multidecade highs offer attractive tax-exempt income and a stronger foundation for prospective total returns, while sound municipal credit fundamentals reinforce a longer-term risk-adjusted appeal amid broader market volatility. Demand has also remained positive despite recent negative performance, in contrast to the fund outflow cycles that accompanied some prior drawdowns. Should this demand persist, an easing of seasonal tax-loss selling following year-end could provide a more supportive technical backdrop. Together, these factors offer reasons for optimism about the potential recovery ahead.

Municipal Starting Yields Historically Have a Strong Relationship to Forward Returns
1980-2025
PercentChart: Municipal starting yields historically have a strong relationship to forward returns The line chart compares the Bloomberg Municipal Bond Index starting yield to worst with the subsequent five-year annualized return, using monthly observations from 1980 through October 2026. The two series generally move together, illustrating that higher starting yields have historically been associated with higher forward returns. o Both measures were highest in the early 1980s, when starting yields exceeded 10% and subsequent five-year annualized returns briefly approached 20%. • Starting yields and forward returns generally declined over the following four decades, reaching their lowest levels around 2020–2021 before yields rose again. • The latest starting yield to worst was 4.48% as of October 16, 2026. The forward-return series ends in October 2021, the latest starting date with a full five years of subsequent returns.

Source: Bloomberg. As of October 16, 2026. Bloomberg Municipal Bond Index starting yield-to-worst versus the subsequent five-year annualized return, monthly observations; the five-year return series ends in October 2021, the last start date with a full five years of returns. Past performance is not indicative of future results.

Key Market Themes

1) Municipal taxable-equivalent yields remain near their highest level in over a decade.

Muni and Taxable-Equivalent Muni Yield-to-Worst
2010-2026
Yield-to-Worst Percent

Chart: Muni and taxable-equivalent muni yield-to-worst (%) The line chart shows the tax-exempt Bloomberg Municipal Bond Index yield to worst and its taxable-equivalent yield from December 2010 through October 16, 2026. The taxable-equivalent yield remains above the tax-exempt yield throughout because it adjusts for the top marginal federal income-tax rate. o Both yields generally declined from 2010 to their lowest levels around 2021, then rose sharply beginning in 2022. • As of October 16, 2026, the tax-exempt municipal yield to worst was 4.48% and the taxable-equivalent yield was 7.57%. • The current taxable-equivalent yield exceeded the tax-exempt yield by 3.09 percentage points.Source: Bloomberg. As of October 16, 2026. Bloomberg Municipal Bond Index yield-to-worst, weekly, December 31, 2010, to October 16, 2026. Taxable-equivalent yield uses the top marginal federal rate in effect each year (35% through 2012, 43.4% for 2013–2017, 40.8% from 2018).

2) Munis offer attractive after-tax yield pickup vs. taxable alternatives.

After-Tax Yield Pickup vs. Taxable Comparables
Basis Points

Chart: After-tax yield pickup vs. taxable comparables, bps The horizontal bar chart compares the after-tax yield advantage of municipal bonds over similar-maturity Treasuries or similarly rated corporate bonds on October 2, 2026, with the five-year average. Current yield pickups exceed their five-year averages in all six comparisons. o 10-year AAA municipals versus Treasuries: 73 basis points currently, compared with a 42-basis-point five-year average. • 30-year AAA municipals versus Treasuries: 176 basis points currently, compared with a 124-basis-point average—the largest pickup shown. • AA municipals versus corporates: 99 basis points currently, compared with a 62-basis-point average. • A municipals versus corporates: 130 basis points currently, compared with an 88-basis-point average. • BBB municipals versus corporates: 153 basis points currently, compared with a 119-basis-point average. • High-yield municipals versus corporates: 106 basis points currently, compared with a 99-basis-point average.Source: Bloomberg. As of October 16, 2026. Treasury rows use the BVAL AAA callable curve and Treasury generics; quality rows use Bloomberg municipal and corporate quality indices. After-tax yields at a 40.8% rate.

3) After-tax income opportunities remain attractive across the curve.

AAA Municipal vs. After-Tax Treasury Yield, with After-Tax Spread

Chart: AAA municipal vs. after-tax Treasury yield, with after-tax spread The combination chart compares AAA municipal yields with after-tax Treasury yields across five maturities and shows the municipal yield advantage in basis points. As of October 16, 2026, the municipal yield and after-tax spread both increase with maturity. o 2-year: AAA municipal yield of 3.11%, after-tax Treasury yield of 2.79%, and a 32-basis-point spread. • 5-year: AAA municipal yield of 3.27%, after-tax Treasury yield of 2.88%, and a 39-basis-point spread. • 10-year: AAA municipal yield of 3.74%, after-tax Treasury yield of 3.00%, and a 73-basis-point spread. • 20-year: AAA municipal yield of 4.60%, after-tax Treasury yield of 3.24%, and a 136-basis-point spread. • 30-year: AAA municipal yield of 4.97%, after-tax Treasury yield of 3.21%, and a 176-basis-point spread—the largest shown.

Source: Bloomberg BVAL AAA callable curve; Treasury generics. After-tax Treasury yield at a 40.8% rate; spread = AAA municipal yield less after-tax Treasury yield.

Market Monitor

30-Day Visible Supply, and Cumulative Year-to-Date Fund Flows vs. Five-Year Average
As of October 16, 2026

Chart: 30-day visible supply, and cumulative year-to-date fund flows vs. five-year average The two-panel chart shows daily municipal bond supply from January 2023 through October 16, 2026, and cumulative 2026 municipal fund and exchange-traded-fund flows compared with the 2021–2025 average. Supply has been volatile and generally higher since 2024, while 2026 investor inflows have substantially outpaced the five-year average. • The Bond Buyer 30-day visible supply was $19.8 billion as of October 16, 2026, after several spikes above $20 billion during 2025 and 2026. • Cumulative municipal fund and ETF inflows reached approximately $75 billion in 2026. • The 2026 cumulative flow line remained above the five-year average throughout most of the year and was roughly four times the average by October.Sources: Bloomberg. The Bond Buyer (visible supply) and Lipper (weekly fund and ETF flows). Five-year average is the mean cumulative total for 2021–2025 at each week of the year.

Quality Spreads to AAA
2010-2026
Basis Points

Chart: Quality spreads to AAA, bps The line chart shows the additional yield, in basis points, offered by AA, A, BBB and high-yield municipal bonds over AAA municipals from January 2011 through October 16, 2026. Lower-rated bonds consistently have wider spreads, and all four current spreads are below or equal to their five-year averages. • High yield: current spread of 170 basis points, compared with a five-year average of 218 basis points. • BBB: current spread of 81 basis points, compared with a five-year average of 102 basis points. • A: current spread of 38 basis points, compared with a five-year average of 48 basis points. • AA: current spread of 7 basis points, equal to its five-year average. • Spreads widened sharply during the 2020 market disruption, particularly for high-yield and BBB municipals, before narrowing again.Source: Bloomberg. As of October 16, 2026. Bloomberg Municipal AA, A, BBB and High Yield Index yields-to-worst less the Bloomberg AAA Municipal Index yield-to-worst; daily data shown monthly, January 2011 to October 16, 2026. Five-year averages in the legend.

Municipal vs. Taxable Yields, National, High-Yield and key States
As of October 16, 2026
Yield-to-Worst, Percent

Chart: Municipal vs. taxable yields, national, high yield and key states (%) The bar chart compares municipal yields to worst and their taxable-equivalent yields with major taxable-bond index yields as of October 16, 2026. Taxable-equivalent municipal yields exceed the yields of the taxable indices shown across the national, high-yield and selected state categories. • National municipals: yield to worst of 4.48% and taxable-equivalent yield of 7.57%. • High-yield municipals: yield to worst of 6.02% and taxable-equivalent yield of 10.17%, the highest yields shown. • State municipals—California: 4.31% nominal and 9.40% taxable-equivalent; New York: 4.54% and 9.39%; New Jersey: 4.43% and 9.14%; Oregon: 4.45% and 9.03%; Minnesota: 4.34% and 8.79%; Massachusetts: 4.39% and 8.75%. • Taxable index yields: U.S. Treasury 4.96%, U.S. Aggregate 5.39%, investment-grade U.S. corporates 5.89%, and U.S. corporate high yield 8.38%.Source: Bloomberg. National and high yield use the Bloomberg Municipal and High Yield Municipal Indices; states use the Bloomberg state municipal indices (CA, NY, NJ, OR, MN, MA). Taxable-equivalent yields assume a 40.8% top federal rate plus each state's top marginal rate. Taxable: Bloomberg U.S. Treasury, U.S. Aggregate, U.S. Corporate and U.S. Corporate High Yield Indices.

Market Monitor: Municipal Credit Curves

Municipal Credit Curves, Nominal
As of October 16, 2026
Percent

Chart: Municipal credit curves, nominal (%) The line chart compares nominal municipal yields across maturities for AAA, AA, A and BBB credit quality as of October 16, 2026. Each curve slopes upward, and yields increase as credit quality decreases; the differences between ratings are more pronounced at longer maturities. • 5-year yields: AAA 3.27%, AA 3.48%, A 3.81% and BBB 4.21%. • 10-year yields: AAA 3.74%, AA 4.03%, A 4.32% and BBB 4.58%. • 30-year yields: AAA 4.97%, AA 5.28%, A 5.54% and BBB 5.70%. • The prior-week 30-year AAA yield was 5.14%, compared with the current 4.97%.

Source: Bloomberg. AAA callable, AA general obligation, A revenue and BBB general obligation curves AAA prior week Markers and values at 5, 10 and 30 years.

Taxable-Equivalent Municipal Credit Curves vs. Treasury
As of October 16, 2026
Percent

Chart: Taxable-equivalent municipal credit curves vs. Treasury (%) The line chart compares taxable-equivalent AAA, AA, A and BBB municipal yields with Treasury yields across maturities as of October 16, 2026. All municipal curves are above the Treasury curve, slope upward and provide progressively higher yields as credit quality decreases. • 5-year yields: AAA 5.53%, AA 5.87%, A 6.43%, BBB 7.12% and Treasury 4.87%. • 10-year yields: AAA 6.31%, AA 6.81%, A 7.30%, BBB 7.74% and Treasury 5.08%. • 30-year yields: AAA 8.39%, AA 8.91%, A 9.35%, BBB 9.64% and Treasury 5.42%. • At 30 years, taxable-equivalent municipal yields exceed the Treasury yield by approximately 3.0 to 4.2 percentage points, depending on credit quality.Source: Bloomberg. Taxable-equivalent yields at a 40.8% top marginal rate; Treasury generics with linear interpolation between published tenors.

Sources and Definitions

Municipal yields: Bloomberg Valuation Service (BVAL) AAA callable municipal curve; Treasury yields: Bloomberg generic Treasury yields, with linear interpolation between published tenors. Index returns and yields: Bloomberg. Fund flows: Lipper weekly reporting municipal funds (open-end, ETF and total) via Bloomberg. Issuance: Bloomberg cumulative year-to-date issuance series (total and taxable), differenced week over week. Visible supply: The Bond Buyer 30-day visible supply. After-tax pickup table: 10- and 30-year rows use the BVAL AAA municipal curve and the U.S. sovereign curve; quality rows compare Bloomberg municipal AA, A, BBB and High Yield indices with the same-rated Bloomberg corporate indices; pickup is the municipal yield less the after-tax yield of the comparable index. Credit curves: Bloomberg Valuation Service (BVAL) AAA, AA, A and BBB general obligation curves, populated with pricing from uninsured GO bonds. Taxable-equivalent yield (TEY) assumes the top marginal federal rate of 37% plus the 3.8% Medicare tax on investment income (40.8%); state figures add top marginal rates of 13.3% (California) and 10.9% (New York). Individual tax rates vary; TEY does not account for the alternative minimum tax or capital gains taxes.

Indexes referenced: Bloomberg Municipal Bond Index which represents the US tax-exempt investment-grade municipal bond market; Bloomberg High Yield Municipal Bond Index which tracks the US municipal non-investment grade tax-exempt bond market; Bloomberg California and New York Municipal Bond Indices which track the performance of a diversified portfolio of investment‐grade, tax‐exempt municipal bonds issued by the states of California and New York; Bloomberg Municipal AAA, AA, A and BBB Indices which represent the credit quality specific benchmark that track the performance of US tax-exempt investment-grade bonds within each rating category; Bloomberg US Corporate is an investment-grade US dollar denominated benchmark covering corporate bonds; Bloomberg AA, A and BBB Corporate Indices represents the credit quality specific benchmark that track the performance of investment-grade corporate bonds within each rating category; Bloomberg US Corporate High Yield Index which tracks the US non-investment grade corporate bond market. Indexes are unmanaged, do not reflect fees, expenses or sales charges, and one cannot invest directly in an index. 

WHAT ARE THE RISKS?

All investments involve risks, including possible loss of principal. Fixed income securities involve interest rate, credit, inflation, and reinvestment risks, as well as possible loss of principal. As interest rates rise, the value of fixed income securities falls. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity, and the possibility of default. Changes in the credit rating of a bond, or in the credit rating or financial strength of a bond’s issuer, insurer, or guarantor, may affect the bond’s value. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. An investor may be subject to the federal alternative minimum tax, and state and local taxes may apply. Diversification does not guarantee a profit or protect against a loss.

Important Information

This material is intended to be of general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any security or to adopt any investment strategy. It does not constitute legal or tax advice. This material may not be reproduced, distributed or published without prior written permission from Franklin Templeton.

The views expressed are those of the investment manager and the comments, opinions and analyses are rendered as at publication date and may change without notice. The underlying assumptions and these views are subject to change based on market and other conditions and may differ from other portfolio managers or of the firm as a whole. The information provided in this material is not intended as a complete analysis of every material fact regarding any country, region or market. There is no assurance that any prediction, projection or forecast on the economy, stock market, bond market or the economic trends of the markets will be realized. The value of investments and the income from them can go down as well as up and you may not get back the full amount that you invested. Past performance is not necessarily indicative nor a guarantee of future performance. All investments involve risks, including possible loss of principal.

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