Manager insight
Vanguard sees continued opportunity in long-term munis
October 08, 2025
“Even after the rally, the municipal bond curve remains historically steep. Investors can still earn significantly more income by moving into longer maturities, especially in high-quality bonds,” said Paul Malloy, Vanguard head of municipals, in a recent commentary in Fortune. "The difference between 10- and 30-year yields is near its highest in over a decade, signaling that long-term munis continue to offer outsized value.”
Read Malloy's full commentary at Fortune.
Notes:
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Investments in bonds are subject to interest rate, credit, and inflation risk.
Although the income from municipal bonds held by a fund is exempt from federal tax, you may owe taxes on any capital gains realized through the fund's trading or through your own redemption of shares. For some investors, a portion of the fund's income may be subject to state and local taxes, as well as to the federal Alternative Minimum Tax.