(Bloomberg) -- The $3.7 trillion municipal market is on pace for its first monthly loss of 2014, and trailing gains in Treasuries amid a glut of issuance by states and localities.

Benchmark 10-year munis yield 2.28%, compared with 2.34% on similar-maturity Treasuries, data compiled by Bloomberg show. The ratio of the two interest rates, a gauge of relative value between the asset classes, climbed above 100 percent yesterday for the first time since February. A rising figure signals that tax-free bonds are weakening relative to their federal counterparts.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access