Markets remain steady but highly reactive, with interest rates holding firm while geopolitical developments — particularly in Iran — continue to drive short-term direction.
From the Desk of David Loesch – April 9, 2026
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Market Insights
Fed Hold, Oil Shock, and the Municipal Market: What It Means for Fixed Income
The bond market is being pulled in two directions — a Fed that is structurally more hawkish than its single-cut dot implies, and an oil-driven rate shock with no defined endpoint.
Municipal Market Commentary: Rising Rates, Energy Volatility, and Credit Watch
We have been reporting on NYC regarding the change in leadership – yesterday, 3/11, Moody’s lowered its outlook on NYC to negative, citing “sizable and persistent” budget gaps.
Modest CPI, but Oil Prices May Rock the Boat
The Bureau of Labor Statistics released the Consumer Price Index (CPI) this week. Prices increased by .3% in February, and 2.4% annually, which matched forecasts.
MUNI Yields Jump as Oil, Geopolitics, and Fed Uncertainty Drive Markets
We have been discussing Higher Education for quite some time and the overall risks associated with that type of credit. Ohio Dominican University did not make its bond payment due 3/1, the latest issue the school is experiencing due to financial instability.
Easing Ahead? Municipals Benefit from Stabilizing Conditions
Municipal yields are down roughly 4 basis points across the curve in February and down again today across the curve with the economic news this morning.
FOMC Minutes Signal Extended Pause as Market Eyes 2026 Cuts
Minutes from the FOMC meeting should show a broad consensus to hold rates steady after three straight cuts.
Payroll Gains and Inflation Outlook Shift Fed Policy Expectations
Hammack (FED of Cleveland) indicated rates could be on “hold” while officials evaluate incoming economic data.
Investors Pour into MUNIs as Rates Peak and Credit Risks Rise
We reported that certain reports will be delayed due to the government shutdown. The January employment report has been rescheduled for 2/11 according to the data put out by Labor Stats.
MUNI Market Update: Fed Holds Steady as Markets Await New Chair Nomination
We pushed out a piece discussing MUNIs and how money managers believe longer-dated MUNIs offer value here, despite the slight increase in pricing (which we are not seeing).
Rising Fed Tensions Add Volatility Across Markets
The feud between President Trump and Powell continued yesterday in Davos. Trump indicated Powell would not “enjoy” his tenure if he stayed on the FED Board after his term as chair expires. We all know Trump wants to replace Powell and is pressing for lower rates. We...
Repricing the Fed: Rate Cuts Deferred, MUNI Demand Holds
Fund flows: Investors added $1.25 billion from municipal bond mutual funds in the week ended Jan. 7, 2026, according to the Investment Company Institute.