Fixed Income Market Insights
Our latest insights on bond market activity
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.
Read our latest musings about actions and events affecting the investment landscape.
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.
MUNI Market Update: Record Supply, Stable Yields, and Rate-Cut Debate
American public schools went on a borrowing binge in 2025, marking the sector’s biggest year for municipal debt sales in over a decade as dipping enrollment and elevated inflation strain districts’ budgets. School systems around the US issued about $82 billion in muni...
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.
Video: Should You Buy Securities with Longer or Shorter Dated Maturities?
Duration: 4:17
Transcript: If you’re looking to buy higher grade securities with a higher rate of return, then you might consider going out a little further. If you are only seeking to build a ladder, one to five years in this example, we can certainly help you with that.
Video: DRL’s Perspective on Credit Quality and Bond Insurers
Duration: 2:01
Transcript: We primarily try to stick with double a rated paper or higher. The reason being is that we feel comfortable with overall credit qualities, double a rated or higher due to the low default rate on those securities.