Quarterly Market Review

Market Review – Fall 2018

November 2018

Below please find the our portfolio management team’s Fall 2018 Municipal Market Review. This provides an overview of current market conditions and information about our total return and goals-based strategies.  If you would like additional information …


Market Review – Spring 2018

May 2018

Below please find the our portfolio management team’s Spring 2018 Municipal Market Review. This provides an overview of current market conditions and information about our total return and goals-based strategies.  If you would like additional informati …


Market Review – Winter 2018

February 2018

Please find below our portfolio management team’s 2018 Winter Municipal Market Review. This provides an overview of current market conditions.  If you would like additional information about our process or specific strategies, please let us know 2018 W …


Market Review – Fall 2017

November 2017

Bond yields have remained range bound over the past four months. Through the first two months of the third quarter, bonds continued their rally. The 10-year Treasury started the quarter yielding 2.31% and by 8/31 had fallen to 2.15%. Yields reversed co …


Market Review – Summer 2017

July 2017

The second quarter was a wild ride for the 10-year U.S. Treasury note. The 10-year started the quarter yielding 2.35%, rose as high as 2.41% and fell as low as 2.14%. It finished the quarter at 2.31%. The 2-year U.S. Treasury dropped 14 basis points (0 …


Market Review – Spring 2017

April 2017

The post-election bond market volatility that occurred during the fourth quarter of 2016 continued into the first quarter of 2017. The 10-year AAA MMD index reached a low of 2.14% on January 18th and topped out at 2.49% on March 14th. The difference be …


Market Review – Winter 2016

January 2017

The election of Donald Trump surprised many and sent bond markets into a market frenzy. On the day before the election, the 10-year AAA rated average municipal yield was 1.73%. By the end of November, the yield jumped to 2.51%. This 78 basis points jum …


Market Review – Fall 2016

October 2016

Market Update: Fed fund futures priced in a low probability of a September rate hike and the Fed did not disappoint by holding rates steady. The municipal market saw yields drift higher for the quarter as the Fed fund futures market show an increased p …


Market Review – Summer 2016

July 2016

Market Update: Municipal bond yields decreased during the second quarter with AAA 5-year, 10-year, and 20-year yields falling 21, 37, and 49 basis points, respectively. Yields dropped dramatically after the United Kingdom (U.K.) voted to leave the Euro …


Market Review – Spring 2016

April 2016

Market Update: Municipal bond yields decreased during the first quarter with AAA 5- year, 10-year, and 20-year yields falling 15, 18, and 8 basis points, respectively. In March, the Federal Reserve announced that their pace of interest rate increases w …