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  "authorName": "Morgan Stanley",
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  "notes": "The chart compares Muni/UST ratios across 2Y, 5Y, 10Y, and 30Y maturities between 12/31/2024 and 5/21/2025.",
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      "text": "In the face of heavy supply in recent months, the muni curve has (bear) steepened, to a greater degree than U.S. Treasuries (USTs), resulting in attractive Muni/UST ratios out on the curve.",
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      "text": "Longer-dated yields in the municipal market moved higher in May, a continuation of the YTD trend. In the face of heavy supply in recent months, the muni curve has (bear) steepened, to a greater degree than U.S. Treasuries (USTs), resulting in attractive Muni/UST ratios out on the curve.",
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      "text": "Source: Bloomberg, MSIM. As of May 21, 2025. For illustrative purposes only. Not a recommendation to buy or sell any security.",
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      "text": "Municipals: Higher Yields and a Steeper Curve",
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