Municipal Adaptations The municipal market is no stranger to absorbing and reacting to negative news and other related developments. We have had a sharp change in tone in the market. Flows to the mutual funds have now been negative for several reports. Rates have...

  I had to take a break at the end of last year due to hand surgery and a bout of omicron consecutively. The hand surgery was a bit easier to recover from. Thank goodness for my two vaccinations and the booster. I have no doubt that I would have more of a...

Extended Deadlines Will the real deadlines please come forward? The December 3 deadline has come and gone, and we now have an extension until February 18 on the budget. Getting past calendar year end is probably a clever idea but what happens come February? The nation...

We have had two recent developments in the macro sphere that will greatly influence municipals over time. The two major influences are the commencement of the Fed tapering and the passage of the infrastructure bill. Another development has been the spike in the...

On deck: a December to Remember Once again, we have a delay in the debt ceiling consideration. It is a good development to dial back on the intensity of the debate for the time being. We know that the real consideration will not fade during this time. I keep asking...

Inflection Point has arrived We have known that we have been due for a change in the markets for some time. We may ascribe some weights to the many different factors that are providing the critical catalysts for the change. The factors are not easily put on an ordinal...

Tax Bill Municipal Impacts One would think that the recall election taking place in California is the most important event in the state. The vote is certainly important, and most polling indicates the governor will prevail but there is always that bit of doubt that...

Areas of Focus for Direction We are all intently searching for direction in fixed income markets and in the municipal market in particular. Many have noted the extreme stability in the municipal sector due to the continuing strong demand for the paper. The positive...