Guest economic analysis and muni commentary: John Hallacy This is a market that is not able to be analyzed using principles of logic that we have learned along the way. Imposing your own logic on the market is also likely to lead down the wrong path. One could...

Almost Anarchy The recent events in our nation’s capital must be raising many questions around the world. The primary question must be is the USA able to be governed effectively and is the form of government in the USA essentially broken. In addition to the...

Reputation Intact This month has amply demonstrated that September is one of the worst months of the year for markets. Equity markets are well below the highs of the Summer with the Dow Jones Index below 34,000. Rates reached new highs earlier in the week and have...

Market Hindrances In attempting to glean some truisms about where the municipal market is leading there are several potential hindrances that need to reach some resolutions or perhaps there will be none. The Fed continues to be first and foremost with what the actions...

Course Correction We have been anticipating a turn in the market for some time. While you are out in the boat coming about, the course correction for the market has arrived. The ten-year Treasury bond attained the level of 4.30% yesterday while settling down today to...

Two Lower Ratings When an entity has two out of three ratings in the highest rating category the credit is still considered to have exemplary characteristics. When a change occurs and there are two ratings in the AA category and one rating remains at AAA, some of the...

Pronounced Trends We have been awaiting the numbers from the first half to validate what we already know. Volume for the half was just a tad under $175 billion for a decline of 19.9%. A range of $350 to $375 billion for the full year is most probable at this point...

Issuance Waiting Game Now that you have taken some gains in your AI focused equities, there always remains the consideration of where to reinvest the gains. Municipals are always a good option. The challenge is the new issue market is not minting as much supply as it...