Munis Post Rare 0.0% Return in March as Fed Keeps Waiting to Cut
- Local debt underperformed Treasuries, corporate bonds
- Fed expects to begin lowering rates ‘at some point this year’
Construction workers help build the a bridge in Miami, Florida.
Photographer: Joe Raedle/Getty ImagesWith the bond market still struggling to recover from some of the worst losses in decades, tax-exempt debt delivered what counts these days as good news: In March, investors didn’t lose so much as a penny.
In turns out, they didn’t make anything either: The municipal bond market returned exactly 0.00%.