The municipal bond market is navigating a period of rising rates, shifting demand, and headline-driven narratives but the underlying story may be more stable than it seems.

In this episode of Muni 360, host Eric Kazatsky is joined by Jack Muller from the credit desk at MacKay Municipal Managers. They look at what has been driving the recent backup in rates across the yield curve, why the move in munis is largely a treasury story, and what that means for investors who are paying attention right now. Eric and Jack also address the noise surrounding New York City's bond market and walk through why the fundamentals there remain on solid ground despite the headlines.

For anyone trying to separate what actually matters from what is just market chatter, this episode offers a grounded look at where things stand and why the current environment may be worth leaning into.

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Presented by New York Life Investments
www.newyorklifeinvestments.com

MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.

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In the first quarter of 2026, municipal bond new issuance remained solid despite a more challenging backdrop by the end of the quarter.

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Twitter @NYLInvestments

Twitter @MacKayMuniMgrs

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LinkedIn: New York Life Investments

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Presented by New York Life Investments
www.newyorklifeinvestments.com

MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.

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We take comfort in the current strength and historical resiliency of municipal credit especially given geopolitical uncertainty and concerns around private markets.

Follow Us

Twitter @NYLInvestments

Twitter @MacKayMuniMgrs

Facebook @NYLInvestments

LinkedIn: New York Life Investments

LinkedIn: MacKay Municipal Managers

Presented by New York Life Investments
www.newyorklifeinvestments.com

MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.