Muni Market Rebounds After Early-Year Selloff

Shannon, let's start with this underperformance. Is there a technical reason for this or does the underperformance reflect where fundamental issues. It's a great question.And our view is this was largely driven by technical factors. We we did absolutely have a lot of uncertainty coming in to the one big beautiful bill, uncertainty around tax exemption, generically speaking. And that pulled forward a lot of supply.That supply just wasn't met by enough buyers. And when we layered in questions around tariffs, ...