Fixed Income Market Insights
Our latest insights on bond market activity
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.
Read our latest musings about actions and events affecting the investment landscape.
MUNI Market Update: Inflows, Inflation Progress, and Rate-Cut Outlook
Investors continue to add funds to MUNI bond funds; last week, 260MM was added from retail investors. The prior week saw a 262MM inflow, indicating that retail investors have been seeking tax-exempt paper over the past few months. The overall calendar continues to...
Rate Cuts, Weak Labor Data, and the Search for the Next Fed Chair
We have continued to report on fund flows – investors added 253MM to MUNI funds in the week ended 12/3/25, the previous week saw 217MM inflow, according to the Investment Company Institute.
Shifts in Federal Education Oversight and Mixed Fed Signals Shape Year-End MUNI Tone
We have been discussing higher education as well as health care for quite a while. The Trump administration said it will transfer some of the Education Department’s most extensive grant programs and major portions of several offices to other federal agencies, part of a broader plan to reduce the department’s authority significantly.
Negotiated vs. Competitive New Bond Issues – Does It Matter to the Investor?
When investors buy municipal bonds, they give very little attention to how the issue comes to market. The question here is, does it really matter?
Illinois RTA Credit Strengthens; Markets Brace for Possible December Rate Cut
Moody’s indicated it may upgrade the Illinois Regional Transportation Authority’s debt after the state legislature moved to eliminate the public transit system’s budget shortfalls.
MUNI Supply Outlook Grows and Fed Faces Data Gaps
Many are indicating the MUNI bond market will be set for a record supply next year. I have seen as much as 600B predicted in 2026, which is up 4% YOY. Refunding volume and taxable issuance are expected to remain flat at approximately $112 billion and $36 billion,...
Fed Delivers 25bps Cut, QT to End Dec. 1 — MUNIs Steady, Yields in Motion
Zohran Mamdani’s lead in the New York City mayor’s race over former Governor Andrew Cuomo has narrowed less than a week before Election Day, according to a Quinnipiac University poll.
Government Shutdown & Data Void Complicate Fed’s Path Forward
A larger tax on Harvard’s $57B endowment will hurt the school’s ability to address the very problems the US government wants it to focus on.
Muni Yields Set to Move Lower as Fed Signals Cut and Fiscal Risks Rise
• NY Mayoral front runner Zohran Mamdani’s pledge to fund free childcare and bus rides by taxing the rich faces steep odds in Albany NY. But tax hikes may be coming for New Yorkers anyway, regardless of who wins.