Western Asset Current Market Muni Portfolios Q3 2025 Commentary

Franklin Templeton4.62K FollowersFollow5ShareSavePlay(4min)CommentsSummaryDuring the third quarter, volatility in both equity and Treasury markets remained relatively subdued.Municipal supply conditions continue at a record pace as municipal issuance reached $155 billion in 3Q25, up 12% from 3Q24 levels.Duration positioning contributed to performance.Security selection within the local GO sector detracted from performance.Western Asset believes longer maturities continue to offer attractive relative value for long-term investors, considering elevated absolute muni yield levels and rolldown opportunities from the curve which remains relatively steep versus taxable fixed income markets. iQoncept/iStock via Getty Images Key Takeaways Markets: During the third quarter, volatility in both equity and Treasury markets remained relatively subdued. The U.S. Treasury yield curve bull-steepened, reflecting market expectations for slower growth, moderation in economic data and potential rate cuts. Risk assets performed well, with the This article was written byFranklin Templeton4.62K FollowersFollowFranklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,300 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and over $1.4 trillion in assets under management as of June 30, 2023. For more information, please visit franklintempleton.com and follow us on LinkedIn, Twitter and Facebook.