INMU - Why The Time May Be Right For Munis

• We’re in the midst of a pretty significant outflow cycle - $20 billion-plus out of the municipal asset class to start the year.
• The impact on prices has been further compounded by tax-related selling. There’s also an increase in supply on the horizon.
• Major muni indices are now down somewhere between 6% and 8% to start the year. That’s the worst start to the year in 40 years.
• There’s been a big adjustment to relative valuations, and historically, these are attractive entry points for the tax-exempt muni market.

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