In the News:

  • The Next Federal Open Market Committee meeting is Wednesday, March 22, 2023.  According to CME Group Fed Watch Tool, there is a 96.7% probability of another 25 basis point rate hike.
  • The U.S. added 517,000 new jobs in January, well above the 187,000 forecast.  These results are drawing concerns about the Fed’s prolonged tightening measures.
  • On a relative basis, short munis are yielding about 50% of Treasuries, a ratio far below a 12-month average at 67%. This means munis are currently quite expensive.

Rate Indices:



Source: Bloomberg

Resources: EMMA New Issue Calendar | FRED Economic Calendar

Important Disclosures:

Ehlers is the joint marketing name of the following affiliated businesses (collectively, the “Affiliates”): Ehlers & Associates, Inc. (“EA”), a municipal advisor registered with the Municipal Securities Rulemaking Board (“MSRB”) and the Securities and Exchange Commission (“SEC”); Ehlers Investment Partners, LLC (“EIP”), an investment adviser registered with the SEC; and Bond Trust Services Corporation (“BTS”), holder of a limited banking charter issued by the State of Minnesota.

This communication does not constitute an offer or solicitation for the purchase or sale of any investment (including without limitation, any municipal financial product, municipal security, or other security) or agreement with respect to any investment strategy or program. This communication is offered without charge to clients, friends, and prospective clients of the Affiliates as a source of general information about the services Ehlers provides. This communication is neither advice nor a recommendation by any Affiliate to any person with respect to any municipal financial product, municipal security, or other security, as such terms are defined pursuant to Section 15B of the Exchange Act of 1934 and rules of the MSRB. This communication does not constitute investment advice by any Affiliate that purports to meet the objectives or needs of any person pursuant to the Investment Advisers Act of 1940 or applicable state law. In providing this information, The Affiliates are not acting as an advisor to you and do not owe you a fiduciary duty pursuant to Section 15B of the Securities Exchange Act of 1934. You should discuss the information contained herein with any and all internal or external advisors and experts you deem appropriate before acting on the information.