Core Insights - The municipal bond market is currently not delivering exceptional returns, particularly for investors outside of the top tax bracket [1] - Long-term municipal bonds carry significant interest-rate risk, and their after-tax yields are comparable to Treasury yields [1] - The largest municipal bond index fund, the iShares National Muni Bond ETF, has a yield of 3.3%, which is equivalent to approximately 5% for a taxable bond fund [1]