Tax Efficient

Executive Order Threatening Sanctuary Cities: Potential Impact on Municipal Credit Ratings

February 16, 2017

Judy Wesalo Temel, Senior Vice President and Director of Credit Research, shares her comments on The Wall Street Journal‘s article entitled “Sanctuary Cities May Not See Borrowing Hit From Trump Order.” “The article in The Wall Street Journal was timely and brought up a number of interesting points. We believe it is reasonable to conclude that municipal […]

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Tax Efficient Fixed Income 4th Quarter Market Commentary

January 13, 2017

This commentary reviews the previous quarter and discusses our outlook and investment approach for the coming months. Commentary Highlights: Record municipal issuance, higher US interest rates and concerns over how the new administration’s policies would impact municipal bonds led to a challenging quarter for the municipal bond market.     2016’s record level of new issue […]

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Tax Efficient Fixed Income Market Commentary: 3rd Quarter 2016

October 11, 2016

This commentary reviews the previous quarter and discusses our outlook and investment approach for the coming months. Commentary Highlights The continued strong performance of fixed income markets during early July contributed to our decision early in the quarter to reduce our average duration targets to a neutral position from being moderately long. Although the Fed […]

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Tax Efficient Fixed Income Market Commentary: 2nd Quarter 2016

July 13, 2016

This commentary reviews the previous quarter and discusses our outlook and investment approach for the coming months. Commentary Highlights Despite fluctuations throughout the quarter, weaker economic indicators and the surprising British vote to leave the European Union drove yields toward the lows of this cycle by the end of June. As spreads compressed, we systematically […]

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Tax Efficient Fixed Income Market Commentary: 1st Quarter 2016

April 28, 2016

This commentary reviews the previous quarter and discusses our outlook and investment approach for the coming months. Commentary Highlights: Despite slow and steady growth throughout 2015, the first quarter of 2016 opened with volatility spurred by concerns about weakening global growth eventually pervading domestic markets.    Given municipals’ continued richness despite market volatility and widening spreads […]

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Market Review and Outlook: 4th Quarter 2015

January 28, 2016

This commentary reviews the previous quarter, and discusses our outlook for the months ahead. Commentary Highlights: The US economy generated slow and steady growth throughout 2015. Although low by historical domestic standards, this consistent performance was markedly strong relative to the international developed world. Positive economic growth and good job creation numbers helped bolster the […]

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Market Review and Outlook: 3rd Quarter

October 23, 2015

This commentary reviews the previous quarter, and discusses our outlook for the months ahead. Commentary Highlights: Multiple factors contributed to pressuring interest rates significantly lower: – In August, China devalued its currency with no advance notice, causing an increase in speculation of the overall health of their economy. This caused a chain reaction of turmoil […]

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Market Review and Outlook: 2nd Quarter 2015

July 23, 2015

This commentary reviews the previous quarter and discusses our outlook and investment approach for the months ahead. Commentary Highlights: In the second quarter, US interest rates embarked on a clear upward trend, attributed to the heightened anticipation of the Fed’s first rate hike in 6 years Municipal bond returns were slightly negative for the quarter […]

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Market Review and Outlook: 1st Quarter 2015

April 22, 2015

This commentary reviews the previous quarter and discusses our outlook for the next quarter. Commentary Highlights: The 1st quarter of 2015 was a continuation of the bond rally that characterized much of 2014. Declining inflation concerns due to the drop in oil prices, a disappointing Q4 2014 GDP reading, and the introduction of the ECB’s […]

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Market Review and Outlook: 4th Quarter 2014

January 16, 2015

This commentary reviews the previous quarter and the year 2014, and discusses our outlook for the coming year. Commentary Highlights: The municipal yield curved continued to flatten during the 4th quarter of 2014, as longer yields fell and shorter yields ticked slightly upward Early in the quarter, we took advantage of the outperformance of our […]

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