Municipal bond yields jumped as much as 15 basis points, with the longest-dated securities reaching the highest since 2011, as rising Treasury rates and heavy new issuance pressure the market.

Yields on 30-year benchmark municipal bonds rose 14 basis points to 4.89% as of 3 p.m. New York time. That’s the highest since February 2011 and the biggest jump since April 2025, according to data compiled by Bloomberg.

Ten-year benchmark munis also climbed as much as 15 basis points to 3.69%, the highest since April 2025, when volatility from President Donald Trump’s tariff policies hit the market.

By Martin Z Braun and Aashna Shah.