In our Q3 2023 commentary, we discuss:

Market Insights: Would You Rather?

• There are many signs pointing to the end of the Fed’s tightening cycle being near rather than far, yet stubbornly high interest rates have persisted and continued to push higher.

• It is no longer a matter of “when” to invest in munis; it boils down to, would you rather weather short-term choppiness knowing that you can lock in some of the highest yields in decades? Or would you rather stave off potential short-term volatility in hopes of squeezing out a few more basis points?

Credit Insights: Is Mass Transit Derailing Your Portfolio?

• We discuss the fundamental weaknesses of the mass transit business model and how the Pandemic exposed them.

• Investors should analyze their mass transit exposure to ensure that they are sufficiently insulated from funding volatility and fiscal cliffs. A diligent and experienced municipal bond manager can help navigate the complexities around certain credits, like mass transit. 

*The contents of this commentary are intended for educational purposes only and are not intended to be relied upon as a forecast, research or investment advice, nor should it be considered a recommendation, offer, or solicitation for the purchase or sale of any security or to adopt a specific investment strategy. All opinions expressed in this commentary are subject to change without notice. Nothing in this commentary should be considered tax or legal advice and investors should contact their tax professional for information regarding their tax situation. Please refer to the Disclosures link below for additional information.

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