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Fixated on Fixed-Income
2023 will be the year of fixed income given the extremely compelling yield and income opportunities that have made re-assessments of asset allocation highly appropriate for many portfolio strategies.
Don't Stop Thinking About Tomorrow
June seems to be establishing a good foundation consistent with our favorable Muni outlook for the second half of 2023 and we expect the favorable bias to remain largely intact as we finish out the year.
Central Bank Redemption?
A well-disciplined review of portfolio holdings will identify trouble spots in an effort to limit credit and market price erosion and to determine whether or not existing positions continue to meet investment guidelines and suitability needs.
Break On Through (To The Other Side)
Although the rate uncertainty will persist for a while longer, investors are well-advised to deploy cash opportunistically and position their portfolios as defensively as possible.
Are We UnderFed or OverFed?
Given favorable muni technicals, movement to cheaper ratios during periods of market weakness may be less pronounced, and any performance bias would likely favor munis.
A Bonding Experience
As we think about muni credit, we can take comfort with the fact that there is a diversified pool of highly-rated obligors. Investors can also find quality with a structured program that enhances a specific bond issue, providing stronger security elements and a higher rating. The Texas Permanent School Fund (PSF) demonstrates resiliency, strong market access and demand, along with a visible commitment to top-tier prime quality ratings.
2022 Municipal Recap and 2023 Outlook
As we say goodbye to 2022, we do so with no love loss.
Economic and Market Outlook for 2023
“Free money” hangover lingers but is mixed with opportunity
12/18/2023 Market Strategy
With prospects for a soft landing having gained support over the last half of the year and with prior widespread expectations for recession recently being compared with “Waiting for Godot,” sentiment towards risk assets has certainly improved.