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Lights, Camera, Action... Cut?
The flight-to-quality bid will likely be more than just a casual visitor with munis expected to be a key beneficiary given the inherently defensive attributes offered by the asset class.
Let's Dance, Put on Your Debt-Ceiling Shoes and Dance the Blues, Let's Dance...
A scenario whereby the United States actually defaults on prior commitments would have long-lasting economic, investment, credibility, and global financial stability effects.
It's Not All Muni Roses, But The Box Of Chocolate Has Investors Coming Back For More
For those awaiting more compelling opportunities, it would be a good time to tighten up credit quality across existing portfolios.
Inflation Trek II - The Wrath of Fed
Should the lighter supply dynamic eclipse the impact of tempered demand, we could see a floor placed on price erosion and so muni investors should be seeking to add positions opportunistically
I'll See Your 25-Basis Point Bump and Raise You Little or Nothing
Ratios could very well move back to richer territory soon and so it is advisable for individual muni investors to deploy cash into the asset class to capture anticipated performance.
Households Support Munis and Find Logic with Bond Insurance
We believe that current bond insurance trends are likely to continue through the balance of 2023 and into next year, with prospects for somewhat higher penetration rates, as state and local budgets and revenue enterprises may find it challenging to preserve currently strong credit conditions
Higher For Longer Should Not Mean Investment Paralysis
We have been seeing some rather enticing tax-exempt yields, only to be especially showcased when applying taxable equivalent yield calculations across Federal, state, and local tax exemptions, which can generously exceed 8% for those taxpayers in the top Federal marginal tax bracket. The yield advantage for munis becomes even sweeter given the vagaries of both market illiquidity and inefficiencies for the asset class
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.