12 Sep 2019
Jonathan Schatz

Economic Overview

Muni volumes increase as issuers look to take advantage of low interest rates and we unpack the potentially disastrous cuts to Federal transportation grants looming at the end of the fiscal year.
29 Aug 2019
Brian Reilly, CFA, CIPMA

Long-Term U.S. Interest Rates Reach All-Time Lows

Interest rates in the U.S. aren’t yet negative, but some benchmark rates have reached all-time lows.
7 Aug 2019
Greg Johnson, CIPMA

Equity Markets are Volatile, but Municipal Bond Yields Continue to Decline

U.S. equity markets have shown weakness as of late as investors digest global disruptions. Meanwhile, the news remains positive for municipal bond yields amid a surge in municipal bond volume.
25 Jul 2019
Joel Sutter, CIPMA

Rate Cut Expected While Muni Yields Go Lower

The financial markets are expecting that the Fed will decrease the federal funds rate at their meeting next week – for the first time in over ten years. Meanwhile, yields on muni bonds have continued to decline; we explain some of the factors causing the surprising declines in yields that have occurred in 2019.
11 Jul 2019
Melissa Buck

Better Than Expected Economic Data Yet a Rate Cut Still Very Likely…

Although some U.S. economic data indicates the economy is still doing fairly well, it seems the Federal Reserve may still cut rates at its July 30-31 meeting, citing growing concerns about the global economy and tepid growth in business investments. While the Chairman did not explicitly say a rate cut was going to happen, the market believes it is all but guaranteed. The question now is by how much will the Fed cut rates – 25 basis points or more?
26 Jun 2019
Jonathan Schatz

Unpacking the Latest FOMC Meeting

The Fed sees its first dissent vote under the current leadership as they signal possible rate cuts in the coming months. A bipartisan bill to make changes to bank-qualified debt eligibility for tax-exempt issuers to be introduced next month. Also, looking at how international affairs should impact your investment strategy.
19 Jun 2019
Brian Reilly, CFA, CIPMA

Peak Fed Funds Rate for this Tightening Cycle?

The Federal Open Market Committee (FOMC) concludes its policy meeting, today. Will they offer any cues as to whether we have reached the peak fed funds rate for this tightening cycle, or will the market be left with uncertainty about the future trajectory of Fed actions?
31 May 2019
Greg Johnson, CIPMA

Ongoing Global Uncertainties & Declining Treasury Yields bode well for Municipal Bonds

Global uncertainties persist and the full impact of U.S. tariff hikes have yet to kick in. Investors have fled to bonds driving yields down to multi-year lows. Also, bipartisan legislation introduced recently by ten House lawmakers to reinstate tax-exempt advance refunding faces opposition in the Senate.
16 May 2019
Joel Sutter, CIPMA

All Eyes on China-U.S. Trade

Trade tensions between the U.S. and China have led to declines in stock prices and lower bond yields. Meanwhile, yields on muni bonds have continued to decline, reaching the lowest levels since January 2018.
3 May 2019
Melissa Buck

Rates Holding Steady

Taxes are in and state revenues are generally up. A question going forward will be whether states alter their tax codes to conform with the Tax Cuts and Job Act, but with political gridlock, a bipartisan deal is unclear. At the macro level, treasury yields have fallen to their lowest levels since March and all eyes are on the Fed’s meeting this week and additional economic data. So far, the data has indicated a slightly weaker than expected U.S. economy and troubling low levels of inflation. While the expectation is for the Fed to keep rates the same, markets will be looking for clues on where the Fed sees the U.S. economy headed and particularly if rates might be cut sometime this year.