Fixed Income Market Insights
Our latest insights on bond market activity
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...
Read our latest musings about actions and events affecting the investment landscape.
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.
Markets in Holding Pattern as Fed Eyes Cuts & Government Remains Closed
As we have discussed, MUNIs for September finished strong. Many are calling for the balance of the year to remain firm because most of the record surge in supply is beginning to dry up.
MUNI Market Strength Holds Despite Shutdown; Credit Selectivity Remains Key
We have been discussing Charter Schools for quite some time regarding the credit quality of the underlying. Bondholders who own MUNI debt sold for a TX charter school did not receive their October coupon payment after the school closed its doors. Reve Preparatory...
Record Muni Sales Positive & Negative
The municipal bond market is on track for a record year of issuance which could surpass $500 billion by year-end.
Fed Caution, Labor Focus, and MUNI Momentum Ahead of October Meeting
Fed Reserve Bank of SF President Mary Daly indicated further rate cuts are likely needed, but the US central bank should approach those cuts with caution.
Fed Cuts 25bps; Traders Now Betting on 50bps More as Labor Weakens and Inflation Holds
• Chicago is lending cash to its underfunded pensions so they have enough money to avoid asset sales to cover retirement checks as they wait for property taxes to come in after a computer issue delayed collections.
Connecticut Upgraded, CPI Cools, and Markets Bet on 3 Fed Cuts
• Connecticut is collecting a duo of fiscal wins this week with two upgrades from both Moody’s and Fitch. Both of the credit rating agencies cited improvements in the state’s budget management practices.
Jobs Data, Fed Division, and MUNI Momentum: September Market Drivers to Watch
• As mentioned in a previous note, we have several economic data points being released BEFORE the FED meeting this month. One of which is the Non-Farm Payrolls, Bloomberg is expecting a larger gain in August’s numbers than in July.