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Victory Tax Exempt Intermediate-Term Fund Q2 2025 Commentary

Summary

  • Throughout the second quarter of 2025, we saw the impact of tariff announcements.
  • The Victory Tax Exempt Intermediate-Term Fund underperformed its benchmark for the quarter ended June 30, 2025.
  • The Bloomberg Municipal Bond Index returned -0.12% for the second quarter of 2025.

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Apichat Noipang/iStock via Getty Images

Performance Summary

Throughout the second quarter of 2025, we saw the impact of tariff announcements. Given the limited insights on the full impact of tariff implementation for the economy and inflation, the Federal Reserve kept rates steady

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