Morgan Stanley Fixed-Municipal Strategy Thats a Wrap December Data Pack-105700811

MJanuary2,202411:51PMGMTMorganStanley&Co.LLCUpdateMunicipalStrategyNorthAmericaBarbaraABoakye,CFA+1212761-1654+1212296-8702That'saWrap:DecemberDataStrategistPackBarbara.Boakye@morganstanley.comPositivetotalreturnscontinuedinDecemberwhileexcessMarkTSchmidt,CFAreturnsslowed.Munisendedtheyearwith6.5%totaland1.7%excessreturns,$380bninissuance,andsub60%ratios10yearsStrategistandin.Fortheyear,mutualfundsrealized$16bninaggregateMark.Schmidt1@morganstanley.comoutflows,whileETFssaw$14bnofinflows.MorganStanleydoesandseekstodobusinesswithKeyTakeawayscompaniescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofBroadmunimarketendedtheyearwithpositivetotalreturns.HYoutperformedinterestthatcouldaffecttheobjectivityofMorganStanleyIG,whilethelongendandtransportationsectoroutpacedcounterparts.Research.InvestorsshouldconsiderMorganStanleyResearchasonlyasinglefactorinmakingtheirinvestmentSMAscontinuedtodrivedemandandvaluationskeepingthefrontanddecision.intermediatepartofthecurverichevenasmutualfundoutflowscontinued.Foranalystcertificationandotherimportantdisclosures,Totalsupplyfell3%YOY,drivenbyadeclineintaxableissuance,whichfell31%,refertotheDisclosureSection,locatedattheendofthisoffsetbytaxexemptissuance,whichincreased3%.report.10s30ssteepnesspeakedat120bp,levelsnotseensince2014.Ratiospr...