Municipal bonds
17 issuers. Debt of U.S. state and local governments, whose interest is generally exempt from federal income tax. Prices here are indicative; the official source for real bonds, CUSIPs, trade prices and disclosures is the MSRB's EMMA.
What are municipal bonds? A "muni" is a loan to a U.S. state or local government:
a state, city, county, school district, or an authority that runs transit, water or power. You lend money; they pay
interest on a schedule and return your principal at maturity, just like a Treasury or corporate bond.
- They're usually tax-free. Interest on most munis is exempt from federal income tax, and often from state and local tax too if you live in the issuing state. That is their headline advantage: a lower stated yield can beat a higher taxable one once tax is counted. Each bond shows an indicative taxable-equivalent yield, the rate a taxable bond would have to pay to match it.
- Two main families. General obligation (GO) bonds are backed by the issuer's full taxing power; revenue bonds are backed by the income of a specific project, such as a toll road or a water system. GO is generally considered the stronger pledge.
- Where to buy and verify. Real munis, their CUSIPs, actual trade prices and official statements are published on the MSRB's EMMA, the official free disclosure site. Each bond here links you straight there; you buy through a broker.
Municipal yields against U.S. Treasuries model
as of Oct 15, 2026
U.S. Treasury par curve (published)
Municipal average, pre-tax (model) Taxable-equivalent at a 37% federal bracket (model)
| Maturity | Treasury | Muni, pre-tax | Spread | Taxable-equivalent |
|---|---|---|---|---|
| 2-year | 4.77% | 3.80% | -97 bp | 6.03% |
| 5-year | 4.91% | 3.94% | -97 bp | 6.25% |
| 10-year | 5.10% | 4.14% | -96 bp | 6.57% |
| 30-year | 5.43% | 4.48% | -95 bp | 7.11% |
The municipal line is the average indicative pre-tax yield of the sample bonds at each maturity. It sits below the Treasury curve because muni interest is usually exempt from federal tax. The dashed line grosses that yield up to what a taxable bond would have to pay at a 37% federal bracket.
issuer U.S. Treasury Each card charts the issuer's indicative yield to maturity at 2, 5, 10 and 30 years against the Treasury par curve, in percent, as of Oct 15, 2026. Model values, not market quotes.
U.S. States
FL
State of Florida
FL-STGO
AAA
4 bonds
3.68%–4.36% yield
TX
State of Texas
TX-STGO
AAA
4 bonds
3.68%–4.36% yield
MA
Commonwealth of Massachusetts
MA-STGO
AA+
4 bonds
3.68%–4.36% yield
NY
State of New York
NY-STGO
AA+
4 bonds
3.68%–4.36% yield
WA
State of Washington
WA-STGO
AA+
4 bonds
3.68%–4.36% yield
CA
State of California
CA-STGO
AA-
4 bonds
3.68%–4.36% yield
IL
State of Illinois
IL-STGO
A-
4 bonds
4.08%–4.75% yield