Vanguard Sees Rare Opportunity in High Grade Munis

Manager insight

May 19, 2025 Paul Malloy Vanguard Head of Municipals “Given the current yields, valuations, and technical tailwinds, longer-dated high-grade munis represent a sweet spot in the market,” said Paul Malloy, Vanguard head of municipals, in a commentary on the personal finance website Kiplinger. “Conditions are likely to shift in the coming months, so investors may want to consider seizing this investment opportunity before it’s gone.” Read Malloy's full commentary at Kiplinger. Related Links Article 5 min read Are investors paying too much for risk exposure? May 15, 2025 Article 5 min read May 15, 2025 Article 6 min read Q&A: What sets Vanguard credit research apart Apr 15, 2025 Article 6 min read Apr 15, 2025 Article 3 min read Fixed income remains key to long-term diversification Apr 14, 2025 Article 3 min read Apr 14, 2025 Notes: All investing is subject to risk, including the possible loss of the money you invest. Although the income from a municipal bond 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. Vanguard Information and Insights Subscribe to Vanguard. Get Vanguard news, insights, and timely analysis on the market, delivered straight to your inbox. Read our online privacy notice to learn about how we keep personal information private. You have certain cookies disabled on the Vanguard site. In order to watch videos on this site, you must agree to the use of cookies provided by YouTube. Click here to permit these cookies and watch the videos.