Chicago Fed MuniTrack
Current Data
Current Data
The Chicago Fed’s MuniTrack provides a comprehensive overview of financial conditions in the U.S. municipal bond market. MuniTrack is organized into dashboards covering both the primary and the secondary municipal bond markets. The charts combine high- and low-frequency metrics that issuers, underwriters, dealers, and investors can use to assess market trends and the overall activity in municipal finance.
Recent Data Highlights
Data were last updated: August 31, 2026
Secondary Market (Fig 1.1)
- Average markups for retail, mid-sized, and institutional trades were most recently 50, 41, and 23 basis points, respectively, 5-8 basis points larger than during the week ending on 9/11.
Notes: This figure presents markups on secondary-market intermediation chains. The chain
matching algorithm uses adapted methodology from Li and Schürhoff (2019). We average markups within
week
and trade-size bucket.
Sources: Calculations based on data from the Municipal Securities Rulemaking Board, the Mergent
Municipal Bond Database, and The Bond Buyer's data archives.
Primary Market (Fig 3.1)
- Competitive issuance volume in August 2026 totaled $13.5 billion, higher than the $11.8 billion in competitive issuance in August 2025.
- Negotiated issuance volume in August 2026 increased year-over-year to $51.6 billion from about $39.4 billion.
- Offering yields hovered around 3.7% in August, about the same as yield a year earlier.
Notes: This figure presents the total monthly primary municipal bond market issuance volume, broken down
by offering type (competitive and negotiated), in billions of USD.
Sources: Calculations based on data from The Bond Buyer's data archives.
