Municipal Market Update | November 2025
The yield curve had minimal movement up or down in November, a halt to the curve flattening trend we’ve seen the last few months. For the year, we are still seeing a curve steepening move year-to-date.
Issuance remains elevated year-to-date, extending its record-setting pace. This persistent supply has been a headwind for municipal bond performance throughout the year. This month had the highest November of tax-exempt issuance ever.
Major Bond Index Returns (%)
| Duration (years) | Yield | Tax Adjusted Yield (40.8% Tax Rate) | QTD Return | YTD Return | |
|---|---|---|---|---|---|
| Bloomberg Municipal Bond 1 Year Index | 1.28 | 2.78 | 4.69 | 0.23 | 3.13 |
| Bloomberg US Treasury 1-3 Year Index | 1.80 | 3.53 | 0.81 | 4.83 | |
| Bloomberg US Treasury Intermediate Index | 3.53 | 3.61 | 1.12 | 6.47 | |
| Bloomberg Municipal Bond 5 Year Index | 3.68 | 2.87 | 4.85 | 0.21 | 4.73 |
| Bloomberg US Intermediate Corporate Index | 4.03 | 4.40 | 7.43 | 1.09 | 7.73 |
| Bloomberg 1-15 Year Municipal Index | 4.81 | 3.16 | 5.33 | 1.14 | 4.89 |
| Bloomberg US Agg Index | 5.93 | 4.27 | 1.25 | 7.46 | |
| Bloomberg US Municipal Index | 6.64 | 3.58 | 6.05 | 1.47 | 4.15 |
Municipal & Tax Equivalent Yields (%)
While the yield curve did not shift much for the month of November, we are still seeing a flattening move quarter-to-date. As mentioned above, we have seen the yield curve steepen year-to-date. Municipals underperformed Treasuries for the month.
Quarter-to-Date
Year-to-Date
SBH Municipal Fixed Income Platform
Source: All data from Bloomberg as of 11/28/25.
A basis point is a standard measure for interest rates and other percentages in finance. This update provides an overview of certain broad-based Fixed Income benchmarks and does not include performance of the Segall Bryant & Hamill LLC (dba CI Segall Bryant & Hamill Asset Management) Fixed Income styles. Past performance cannot guarantee future results. All investments involve risk, including the possible loss of capital. An investor cannot invest directly in an index. Indexes are unmanaged and do not incur fees and expenses. All opinions expressed in this material are solely the opinions of Segall Bryant & Hamill. You should not treat any opinion expressed as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of the manager’s opinions. The opinions expressed are based upon information the manager considers reliable, but completeness or accuracy is not warranted, and it should not be relied upon as such. Market conditions are subject to change at any time, and no forecast can be guaranteed. Any and all information perceived from this material does not constitute financial, legal, tax or other professional advice and is not intended as a substitute for consultation with a qualified professional. The manager’s statements and opinions are subject to change without notice, and Segall Bryant & Hamill is not under any obligation to update or correct any information provided in this material.
The Bloomberg 1 Year (1-2) Municipal Bond Index measures the performance of municipal bonds with time to maturity of more than one year and less than two years. The Bloomberg 5 Year (4-6) Municipal Bond Index measures the performance of municipal bonds with time to maturity of more than four year and less than six years. The Bloomberg U.S. 1-15 Year Municipal Bond Index measures the performance of USD-denominated long-term, tax-exempt bond market with maturities of 1-15 years. The Bloomberg US Treasury 1-3 Year Index measure US dollar-denominated, fixed-rate, nominal debt issued by the US Treasury with 1-2.999 years to maturity. The Bloomberg US Municipal Index measures USD-denominated long-term tax-exempt bond market. The Bloomberg US Treasury Intermediate Index measures US dollar-denominated, fixed-rate, nominal debt issued by the US Treasury with maturities 1-9.9999 years to maturity. The Bloomberg US Intermediate Corporate Bond Index measure the investment grade, fixed-rate, taxable corporate bond market whos maturities range between 1 to 9.9999 years. The Bloomberg Taxable U.S. Aggregate Bond Index is a broad-based fixed-income index used by bond traders. An investor cannot invest directly in an index. Indexes are unmanaged and do not incur fees and expenses. Yield to Worst is the lowest potential bond yield received without the issuer defaulting; it assumes the worst-case scenario, or earliest redemption possible under terms of the bond. Duration is a calculation of the average life of a bond (or portfolio of bonds) that is a useful measure of the bond's price sensitivity to interest rate changes. The higher the duration number, the greater the risk and reward potential of the bond.
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