Financial advisers also will warn people about munis losing value during times of high inflation.

Source: https://chicago.suntimes.com/2023/1/16/23552880/chicago-social-bond-program-neighborhood-improvement-money

For cash credit, average fees per million decreased 4% due to a mix shift away from munis, partially offset by an increase in European credit fee per million.

Source: https://seekingalpha.com/article/4643966-tradeweb-markets-inc-tw-q3-2023-earnings-call-transcript?source=feed_all_articles

Taxable munis appear safe, as state coffers have seen their "rainy day" funds grow over time.

Source: https://seekingalpha.com/article/4587214-bbn-taxable-munis-present-opportunity?source=feed_all_articles