Fidelity Intermediate Municipal Income Fund Q1 2026 Commentary
The Fidelity Intermediate Municipal Income Fund's Q1 2026 commentary highlights a flat performance for tax-exempt municipal bonds. Early gains were erased by a late-period pullback due to concerns over the Iran war potentially leading to stagflation. The fund experienced initial advances in January and February, driven by favorable market conditions.
- ▪Tax-exempt municipal bonds were essentially flat in the first quarter of 2026.
- ▪A late-period pullback erased early-year gains amid concerns about the Iran war.
- ▪The fund saw solid advances in January and February, supported by favorable market technical factors.
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