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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.
12/11/2023 Market Strategy
We look for 2024 to be a year of transition as markets navigate what we expect will be the Fed’s pivot from a restrictive monetary policy setting to an easier stance.
12/04/2023 Market Strategy
We are not getting bearish but can remember a tendency for powerful rallies from year end to be met with some questioning on any catalyst for profit taking…
11/27/2023 Market Strategy
Given inflation running well above the Fed’s target, are expectations of a rate cut being priced in too soon?