Market Insights
Our latest insights on bond market activity

Healthcare Pressures Mount Amid Policy Shifts — MUNI Demand Rises
As investors brace for mounting financial strains on hospitals and healthcare systems amid estimates that legislation could push millions of Americans off their health insurance.

Market Holds Firm as Tragedy Strikes Texas and Fed Stays Divided on Rates
• The tragedy that hit our state last week ranks as one of the deadliest and costliest flash floods in US history. From 1980 through last year, flooding has killed hundreds of people nationwide and inflicted at least $203 billion in losses.

Mixed Economic Signals Keep Fed on Hold — Summer MUNI Outlook Steady
• As we have mentioned in previous notes, we do not expect a rate cut this month by the FED. Beyond eliminating bets or a FED cut this month, traders are also wavering on the prospect of a reduction in September.
Read our latest musings about actions and events affecting the investment landscape.

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.

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.