Market Insights
Our latest insights on bond market activity
Despite Heavy Supply, MUNIs Hold Firm—Rate Cuts Remain Elusive
As we have reported, MUNI sales are up ~21% this year compared to last year’s volume. State and local governments have sold $153 billion in new debt in the second quarter, already the largest ever, with just four trading days remaining in the period.
June Fed Update: What It Means for MUNIs, Retail, and College Credit
• Federal Reserve officials left interest rates unchanged on 6/18/25 and continued to pencil in two rate cuts for 2025, citing high uncertainty over the economic outlook that has since diminished.
MUNI Market Update: 5% Yields, Resilient Demand, and Strategic Entry Points
As we reported on June 10, Blackrock indicated that it is time to buy MUNI bonds, as supply is ample and prices are favorable ahead of the summer.
Read our latest musings about actions and events affecting the investment landscape.
Tariffs continue to take the spotlight – Jobs numbers tomorrow, Friday, June 6
The Governor of Illinois reported plans to sign a $55.1 billion budget for 2026, which generates revenue from higher taxes on smokers, gamblers, and large multi-state businesses while pulling delinquent taxes into state coffers through a six-week amnesty program.
Congestion Pricing, Elite University Debt & Tariff Turmoil Shape Market Outlook
The NYC congestion toll pricing raised $215.7 million in the program’s first four months. Since January 5, most motorists have to pay $9 during peak hours to enter south of 60th Street in Manhattan.
US Credit Rating Downgrade
Duration: 02:31
Transcript: As we know, Moody’s downgraded the treasury markets this week. What does that really mean for you?
Bonds Lead, Stocks Follow: Key Moves Across Markets and Impacts on MUNIs
• As we saw on May 21, long-term borrowing costs for all major economies are surging as investors question the government’s ability to cover massive budget deficits. The 30-year bond yields in the US and Japan reached multi-year highs.
Policy Volatility and Credit Repricing: What’s Ahead for MUNI Investors?
Maryland’s credit rating was downgraded one level to Aa1 from Aaa by Moodys. This downgrade was a direct result of its exposure to shifting federal policies, according to a May 14 report.
Scary Headlines! Now What?
Duration: 2:53
Transcript: Well, if you are looking at the headlines and getting a little bit worried, you are in good company.
The Market Hates Uncertainty
Duration: 3:48
Transcript: Well, we all know that the market really hates uncertainty. I think everybody does, really, when it comes down to it.
Navigating Uncertainty in Fixed Income Securities
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.
How Did We Get Here? Tariffs.
Duration: 5:49
Transcript: We’re really questioning how did we get here from the standpoint of: we’re sitting here in April post-tariff announcement and then, again, a retraction of that tariff announcement just days later.