Market Commentaries

The Effect of a U.S. Rating Downgrade

September 2011

After August outflows, the municipal bond market turned bullish once again in September with four weeks in a row of bond fund inflows – and the last week more than doubling the inflows of the previous week. The month also saw a couple of true superlati …


Mid-Year Municipal Credit Update

July 2011

In this commentary, we will summarize where municipal credit quality has been, where we believe it is today, and what our clients should expect over the near term investment horizon. The municipal market began the year with a tumultuous first quarter, …


The End Is Near

May 2011

What Will it Mean to Municipal Bonds in 2011 and Beyond?As the economy expands, it is becoming clearer that we are nearing the end of the “easy money” policy that the Federal Reserve has pursued over the past few years. So what can we expect once the F …


“A Bond Market In Turmoil” Municipal Market Update

January 2011

Michelle Bernardi Landis summarizes the key points of the President’s Letter below. There have been many news stories recently regarding the municipal bond market and its impending debt crisis. Most of them have been unnerving and intimidating. Ma …


Municipal Market Minefield Maneuvering in Perspective

September 2012

Last month I was invited to participate in an hour-long discussion hosted and aired live by InvestmentNews, Muni Markets: Maneuvering Through the Minefield. The content was wide-ranging and lively. Over the past few years, we have written about a numbe …


Back To Municipal Bond Basics

February 2012

“You could see 50 sizable defaults, 50 to 100 sizable defaults, more. This will amount to hundreds of billions of dollars worth of defaults.”– “60 Minutes”, Meredith Whitney commentary, December 2010 “The notion that many bond investors have that …