What does FMCH display according to its data category?

The correct choice relates to the functionality of FMCH, which stands for the "Fixed Income Municipal Comparative Benchmark" on Bloomberg. This display provides access to historical municipal option-free yield curves, which are vital for understanding market trends over time for municipal bonds. Yield curves represent the relationship between interest rates and different maturities, offering insights into borrowing costs and investment opportunities in the municipal bond market.

Historical data is especially valuable for analysts and investors as it enables them to assess past market behavior and compare it with current conditions. This can aid in making informed predictions about future trends as well as in benchmarking performance. The other options pertain to other data categories or functionalities within Bloomberg's services and do not accurately describe the specific offerings of the FMCH display.