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, a roughly $4 trillion fixed-income market that is fundamental to the funding of public projects such as roads, hospitals, and schools. MuniTrack is organized into dashboards covering both the primary and 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: October 22, 2026
Secondary Market (Fig 1.1)
- Average markups on retail and mid-sized chains increased significantly since late September to 58 and 50 basis points, respectively. This was driven by markups on inventory chains and chains executed by top 25 dealers, which doubled between 9/25/26 and 10/2/26.
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 2.2)
- The offering yield on both competitive and negotiated municipal bond offerings increased by about 40 basis points in September.
Notes: This presents monthly averages of offering yields of negotiated and competitive offerings. Before computing monthly averages, we first aggregate the bond yields to the offering level, weighting by bond par amount.
Sources: Calculations based on data from The Bond Buyer's data archives and data extracted from official statements in MSRB's Primary Market (PM) database.
