Market Insights
Our latest insights on bond market activity
Should I Buy Munis Now?
Especially after the Fed’s recent rate cut, it’s important to consider your long-term objectives, tax advantages, and safety when making decisions about muni bond purchases.
We Appreciate that You’re an Engaged Muni Investor
The DRL Group is committed to simplifying the bond purchasing process in a complex market, with efficient trade execution and proprietary technology. With over thirty years of experience, we aim to enhance your team and offer a wide variety of bonds and tailored solutions.
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.
Read our latest musings about actions and events affecting the investment landscape.
MUNI Update: SEPTA Deadline, Pension Pressures, Puerto Rico Uncertainty
Fed Officials Signal Possible September Rate Cut Amid Labor Softness: Three Fed policymakers — Daly (SF), Cook (Board), and Kashkari (Minneapolis) — expressed concern about a slowing labor market, citing weak July job gains and downward revisions to previous months.
Busy Week in Treasury Borrowing
This is a busy week for US debt issuance as the Treasury auctions off 3-, 10- & 30-year bonds and a heavy load of short-term bills.
No Rate Cuts Yet, but Bond Buyers Are Not Waiting
As we know, the FED held rates steady on 7/30, Powell said interest rates are in the right place to manage continued uncertainty around tariffs and inflation tampering expectations for a rate cut in September.
Higher Ed in the Crosshairs: Federal Scrutiny, Credit Downgrades & MUNI Market Impacts
Columbia reached a landmark deal with the Trump administration to restore federal funding for research, easing a crisis that has rattled the school’s faculty and undermined its leadership.
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.
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.