Western Asset Managed Municipals Fund Q3 2025 Commentary: Market Volatility Remains Subdued

Western Asset Managed Municipals Fund's Q3 2025 commentary notes that market volatility in both equity and Treasury markets remained subdued during the quarter. The U.S. Treasury yield curve bull-steepened, indicating market expectations for slower growth and potential rate cuts. Risk assets performed well, with the S&P 500 Index up 8.3% and the Bloomberg Barclays Aggregate Bond Index up 2.4%. The fund's net asset value increased by 2.6% for the quarter.