PIMCO executive: Now is a good time to buy municipal bonds.

David Hammer, the head of municipal bond portfolio management at Pacific Investment Management Company, believes that now is a good time to buy US state and local government bonds. These bonds have fallen in the past month, especially long-term bonds. The entire fixed income market has experienced a period of volatility after the increase in oil prices due to the Middle East conflict and concerns about inflation. Municipal bonds have been particularly difficult, dropping 2.3% in March. According to Bloomberg index data, this is the worst performing month since 2023, with a bigger drop than US Treasury bonds.