October 08, 2025 Paul Malloy Vanguard Head of Municipals “Even after the rally, the municipal bond curve remains historically steep.
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Vanguard sees continued opportunity in long-term munis
October 08, 2025 Paul Malloy Vanguard Head of Municipals “Even after the rally, the municipal bond curve remains historically steep. Investors can still earn significantly more income by moving into longer maturities, especially in high-quality bonds,” said Paul Malloy, Vanguard head of municipals, in a recent commentary in Fortune. "The difference between 10- and 30-year yields is near its highest in over a decade, signaling that long-term munis continue to offer outsized value.” Read Malloy's full commentary at Fortune. Related Links Article 2 min read Vanguard, IBM explore quantum computing in portfolios Sep 30, 2025 Article 2 min read Sep 30, 2025 Article 1 min read Muni bond investing that embraces Bogle’s standard Apr 10, 2025 Article 1 min read Apr 10, 2025 Notes: All investing is subject to risk, including possible loss of principal. Investments in bonds are subject to interest rate, credit, and inflation risk. Although the income from municipal bonds held by a fund 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.
