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...

Multiple Turning Points One would have to be suffering from dehydration while sitting in the warm sun while contemplating the waves at this time of year not to notice that there are many turning points or shifts underway in the markets. We know change is on the way...

I recently had the pleasure of attending my first in person conference since the last one I organized in February of 2020 in Texas. I have a reinvigorated understanding of why conferences in person should be appreciated. The networking was fantastic. People were...

Worries Amid Low Rates We have learned over the years in the municipal market that low rates may be quite beneficial. There was a time when low rates would produce a surfeit of advance refunding activity. It is painful to recall the halcyon days when refunding...

The common refrain from the back seat of a car may certainly be applied in this case. Even though an agreement on a bipartisan plan was announced as done and the President approved, there have been some hitches along the way. I think the answer to the eternal question...

Infrastructure Lag In some parts of the nation there is a seasonal aspect to the construction cycle. This fact makes it even more frustrating that more progress has not been made on the infrastructure bill. If the funds will not flow this year in the later Summer to...