You can be forgiven for scratching your head at the current bond market, and one of the more perplexing aspects of it is the yield curve in the municipal bond environment. According to Bloomberg, the current average yield on muni bonds with a 1-year maturity is 2.66%. But let’s say you want to take more risk and go out five years; what is your reward for taking that extra risk? It’s actually negative; the average yield on 5-year bonds is currently 2.19%.