Market Insights

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.

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.

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.

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.

Minutes from the FOMC meeting should show a broad consensus to hold rates steady after three straight cuts.

Hammack (FED of Cleveland) indicated rates could be on “hold” while officials evaluate incoming economic data.

We reported that certain reports will be delayed due to the government shutdown. The January employment report has been rescheduled for 2/11 according to the data put out by Labor Stats.

We pushed out a piece discussing MUNIs and how money managers believe longer-dated MUNIs offer value here, despite the slight increase in pricing (which we are not seeing).

The feud between President Trump and Powell continued yesterday in Davos. Trump indicated Powell would not “enjoy” his tenure if he stayed on the FED Board after his term as chair expires. We all know Trump wants to replace Powell and is pressing for lower rates. We...

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.

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.

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...