With a commitment to deep research and disciplined investing, we offer thoughtful perspectives on the forces shaping municipal markets and fixed-income strategies.
Explore our insights to stay informed and uncover new opportunities. We share our latest research, market analysis, and perspectives on the municipal bond landscape. Our commentaries provide data-driven insights into trends, risks, and opportunities, helping investors navigate the complexities of the market with confidence.
In The News
Market Commentary
May felt reassuringly pedestrian comapred to the
near-historic volatility that occurred in April as a result of President Trump’s “Liberation Day” tariff announcement, which now feels like a lifetime ago.
Got Volatility?
Clients have been reaching out to us for our view on the incredible market volatility the municipal bond market has experienced since the “Liberation Day” tariff announcement on Wednesday, April 2nd. To say volatility has been extreme would be an understatement.
Market Commentary
In like a lion and out like a lion, beware the Ides of March. The month of March was unkind to municipal bond investors as the market became untethered from all other markets. As a result, municipals under-performed the US Treasury market significantly across the curve. As noted above, 10-year AAA municipal rates rose nearly 35 bps while 10-year UST yields were unchanged.
Market Commentary
Positive performance for both the investment grade and high yield municipal indices continued in February as they returned 1.00% and 1.26%, respectively. That is the second straight month of outperformance for high yield and 11 out of the last 14 months dating back to the beginning of 2024.