The $4 trillion US municipal bond market is experiencing its weakest July performance in over two decades. Rising Treasury yields are making existing bonds less attractive, while a surge in new issuance is worsening the supply-demand imbalance. At the federal level, total US government debt now exceeds $39 trillion, shaping the entire fixed-income landscape. Additionally, New Hampshire rejected on July 9, 2026, by a 3-2 vote, a $100 million Bitcoin-backed municipal bond proposal, Bitcoin having peaked above $126,000 in October 2025 before pulling back.
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