Without the support of rate cuts by the Federal Reserve, it’s been a lethargic year in terms of performance by municipal bonds and the related ETFs, but that doesn’t mean advisors and fixed income investors should ignore this bond segment.
Chris Galipeau discusses high-conviction insights that go beyond media headlines.
Discover Aberdeen’s closed-end funds (CEFs) for high yields, illiquid assets, long-term investments, and resilient income for 2026.
US state and local government debt hit its cheapest level since the spring, after inflation fears caused municipal bonds to see their worst week of returns since April 2025.
Jefferies Financial Group Inc. is hiring several muni sales and trading veterans, according to a person familiar with the matter.
Oil has staged an impressive rebound this month as the conflict between the U.S. and Iran has re-escalated. The memorandum of understanding signed on June 17 created a 60-day window for negotiations, but the diplomatic opening lasted only a few weeks. Both sides subsequently accused the other of violating the peace agreement, and military operations have resumed.
In June, market news continued to be dominated by the Middle East conflict as frequent flare-ups in hostilities gave way to repeated ceasefire efforts and the signing of a high-level memorandum of understanding between the US and Iran.
Washington, DC is stepping up to borrow $1.2 billion this week at its annual municipal debt sale, tapping the market as its credit stabilizes.
From severe wildfires in northern Ontario to record heat across Europe, extreme weather is back in the headlines. Such events are becoming more frequent and intense, and the risks associated with them are testing the limits of insurability. With our research partners at Columbia Climate School, we examine how strains on the insurance system can transmit climate-related risks through the capital markets.
Investors continue to benefit from two powerful tailwinds: strong stock-market performance and bond yields that remain attractive compared with much of the post-financial-crisis period. Higher yields have improved the income generated by fixed income portfolios and given investors more flexibility to balance income, liquidity, and interest rate risk.
A holistic approach to retirement planning involves careful thinking and conversation around investment strategy, tax efficiency, income needs, and estate planning. The goal, of course, is to minimize the drag of taxation on lifetime earnings and wealth accumulation while maintaining both compliance and attention to the client’s priorities and values.
For decades, traditional index-based ETFs have served as the low-cost foundational anchor for core allocations, consistently demonstrating that outperforming a broad market index is an uphill battle.
The first half of 2026 reinforced an important lesson for fixed income investors: Tax-loss harvesting opportunities don’t always arrive at year-end, often appearing during short periods of market dislocation when interest rates rise, new-issue supply increases or investor sentiment shifts.
Regardless of how inflation is measured or debated, households continue to feel the cumulative effect of higher prices. The cost of goods and services have risen at a high pace over the past several years, and wage growth has not always kept pace evenly across households.
Morningstar data shows most active strategies lag passive indexes, but selective active fixed income ETFs can generate alpha.
Unpack the latest ICI flow data as long-term mutual funds bleed billions directly into low-cost, model-ready ETFs.
New Hampshire’s executive council voted down a proposal to bring the first Bitcoin-backed bond to the municipal market.
The Great Moderation has given way to a more volatile era, where inflation shocks and market dispersion favor flexibility and diversification.
The busiest airport in New England is tapping the municipal bond market to remodel its facilities and keep up with passenger growth.
Over the first half of 2026, markets faced some expected — and unexpected — tailwinds and headwinds, ranging from geopolitical developments, blockbuster corporate earnings, increasing artificial intelligence (AI) scrutiny, resilient economic data, and a new Federal Reserve (Fed) Chair.
During the June 30, 2026, World Cup round of 32 match between France and Sweden at the 82,500-capacity MetLife Stadium, the logistical scale of a global mega-event was on full display. Moving 80,663 fans safely through a sprawling transit corridor and securing a massive open-air venue demands complex engineering. Underpinning the operation is a capital-intensive ecosystem of physical AI, advanced sensors, and automation software.
The first half of 2026 has provided a considerable amount of news for investors to digest. Notably, equity markets were higher by nearly 10%, oil prices spiked over 50% before retreating nearly back to where they started, there is a new Chair of the Federal Reserve in Kevin Warsh, and AI infrastructure spending surged.
Private equity may be our No. 1 economic boogeyman. It is blamed for rising real estate prices, poor medical care, and ruining many of the businesses we used to love.
Midway through 2026, Franklin Templeton Institute’s Global Investment Outlook framework remains a valuable lens—but the landscape has shifted.
The dollar holds a central place in global markets due to its role as the world’s reserve currency. Its movements influence cross-asset correlations, shape liquidity conditions, and often offer early indications of shifts in the broader macro regime. In short, it is a critical variable that warrants close attention.
Today’s market backdrop reflects a tension between expectations and reality. Despite higher oil prices and plenty of geopolitical noise, the US economy remains resilient and durable, supported by steady consumer spending, a labor market finding its footing, ongoing fiscal support and a surge in AI and infrastructure investment.
The second quarter wraps up today, and it was a good one. With the S&P 500 having returned more than 14% (including dividends) with just one trading day left, it will almost certainly end up being the best quarter for the index since the second quarter of 2020. Technology was the leader despite the June weakness.
A look at the resilient global economy, evolving market opportunities, and key risks shaping the investment outlook.
The business of overseeing individually tailored municipal-bond portfolios has continued to grow rapidly, turning those money managers into the biggest holders of state and local government debt, according to JPMorgan Chase & Co.
June saw strong market fundamentals once again in conflict with macroeconomic uncertainties, creating a choppy market. While a durable peace plan with Iran is seemingly underway, investors have regarded the negotiations with caution, pricing in potential setbacks.
It’s been a long time coming for the asset management world, but ETF share classes are now a reality. Fidelity Investments has joined that movement, with the launch of its first ETF share classes for some of its mutual funds.
Join the experts at SS&C ALPS Advisors and BBH for an educational webcast exploring municipal bonds and how inflation, geopolitics, and more are impacting the space.
As the market continues to broaden in 2026, a balanced approach matters more than ever.
Municipal bonds often see a seasonal lift during the summer months. This pattern, known as summer technicals, stems from a straightforward supply and demand imbalance that tends to favor bond prices. Over the past ten years, the summer months (May through July) have generally been positive months for the Bloomberg Municipal Bond Index, with monthly returns averaging +0.83%, +0.43%, and +0.82%, respectively.
In broad terms, there appears to be little headline risk facing advisors and income investors mulling municipal bonds. All 50 states carry investment-grade credit ratings, confirming that their credit quality remains solid.
The rising debt burden of the U.S. government is becoming an increasingly serious economic concern. While it may not be an immediate crisis, it has the characteristics of a slow-moving domestic pandemic.
Water utilities are selling bonds at a record pace to upgrade aging pipes and meet tougher regulations as they prepare for a potential pullback in federal funding.
One of the key questions for investment professionals is whether oil prices will return to pre-war levels once the Middle East crisis is resolved. At the same time, many are asking why oil prices are not higher, especially since the latest geopolitical deal recently pushed crude to its lowest level since the initial attack.
Vanderbilt sold about $320 million of tax-exempt bonds through a Tennessee authority in 2024. Some of those securities that are due in 2035 traded Tuesday for a yield of about 3.06%, only slightly above the 2.83% benchmark for top-rated munis, according to data compiled by Bloomberg.
This week J.P. Morgan Asset Management launched two actively managed municipal bond ETFs focused on California and New York debt, offering investors a way to earn tax-free income inside a more flexible and transparent fund structure.
The Federal Open Market Committee (FOMC) meets this week in what will be Kevin Warsh’s first meeting as Chair of the Federal Reserve. President Trump has been vocal about wanting to see lower yields and general consensus is that Warsh was his pick due to Warsh’s general lean towards lower rates.
On Monday, June 15, Guggenheim Investments debuted a pair of new fixed income ETFs. Each of these new funds offers an active take on the fixed income space. This may help investors looking to amplify portfolio yield.
J.P. Morgan converted two mutual funds into active muni ETFs for California and New York investors seeking tax-free income.
On the heels of arranging a record $85 billion equity-raise for Alphabet Inc., Goldman Sachs Group Inc. has scored a lesser-known victory for the tech giant in the municipal bond market.
High-speed railway Brightline West has signed new contracts to lay tracks and systems for its high-speed railway, according to an email seen by Bloomberg, signaling progress for a project whose municipal bonds have traded at steep discounts since last year.
Attractive yields and strong credit fundamentals are setting the municipal bond market up for a solid second half of the year, said Paul Malloy, the head of municipals at The Vanguard Group Inc.
Prepaid energy deals are complicated transactions that allow utilities to lock in cheaper prices over long periods of time. They involve a financial middleman that receives bond proceeds in exchange for making regular payments needed to procure the energy for the utility.
Investors have enjoyed a favorable run. If the year ended today, it would mark the seventh time in the last nine years that stock portfolios generated double-digit returns. Housing prices remain near historic highs, while bond investors have benefited from elevated yields over the past three years.
Several articles enjoyed strong performance during the month of May, though there does not seem to have been a unifying theme, unless it is pointing out mistaken beliefs or unexamined conventions.
Chris Galipeau and Taylor Topoussis discuss high-conviction insights that go beyond media headlines.
Google parent Alphabet Inc.’s municipal-bond market debut was met by a surge of investor interest.
The largest ski resort in the US, in a corner of Utah long popular with wealthy travelers and second-home buyers, is expanding — and turning to the municipal bond market to help pay for it.
When someone told me recently that her favorite use of AI is for financial advice, I was horrified. I am a retirement economist, and my first reaction was self pity: Now I know how doctors feel when people use AI for medical questions.
For weeks now, media reports have been suggesting that Washington and Tehran are moving closer to a memorandum of understanding (MOU). In practical terms, that would extend the current ceasefire by roughly 60 days and create a window to negotiate a more durable peace agreement.
Despite rising global yields and renewed inflation concerns, equities moved higher in May on the back of a strong US earnings season and continued momentum in AI-related stocks. The tech-heavy Nasdaq Composite gained 8.4% for the month, while the S&P 500 rose 5.3% and the Dow Jones Industrial Average was up 2.9%.
Google parent Alphabet Inc. is poised to enter the municipal-bond market’s prepaid energy space by participating in a $1 billion transaction out of California, a major development in the evolution of a booming segment.
Would I be better off waiting for the Fed to make its move on rates before investing?” “Should I wait to increase duration because a blocked Strait of Hormuz could push oil prices higher and push rates even higher?” “Should I invest in bonds gradually to reduce the risk of missing the rate peak?
Taylor Topoussis and Chris Galipeau discuss high-conviction insights that go beyond media headlines.
Investors are pouring money back into municipal bonds as higher yields and the approaching summer reinvestment season draw cash into the tax-exempt market.
New York City is facing one of the most significant fiscal challenges in recent memory. The NYC Comptroller has projected a $2.2 billion budget shortfall for FY2026, growing to a $10.4 billion gap in FY2027 (Source: New York City Comptroller, January 2026). That is a two-year deficit of roughly $12.6 billion.
The assumption that muni equals tax-free is deeply embedded in how the asset class gets discussed and presented. But for high-net-worth clients in high-tax states, the gap between partially exempt and fully exempt is material enough to be worth a conversation.
Many debates in defined contribution (DC) circles focus on fees, new asset classes, and ever more complex solutions. But the biggest improvement available to plan participants may come from something far simpler: how their fixed income is managed.
Risk appetite remains firmly intact as optimism surrounding a potential resolution to the war with Iran continues to improve investor sentiment. The S&P 500 has now advanced for eight consecutive weeks, with price action remaining remarkably resilient throughout the recovery.
California continues to demonstrate fiscal resilience, supported by strong liquidity balances and the absence of projected cash‑flow borrowing through FY 2026–27. However, Medicaid cost pressures, a progressive tax structure highly sensitive to equity market swings, and constitutional spending constraints remain key differentiators between California and other large states.
A tidal wave of conversions has siphoned an unprecedented amount of capital out of mutual funds and into the ETF wrapper. Last year’s record 60 mutual-fund-to-ETF conversions in 2025 across 31 firms pushed total converted assets past $260 billion, and the past five years have now seen a grand total of 203 conversions.
The artificial intelligence (AI) boom has transitioned from an equity market narrative to a defining force in fixed income. Hyperscalers (Amazon (AMZN), Alphabet (GOOG/L), Meta (META), Microsoft (MSFT), and Oracle (ORCL)) are shifting from internal cash flows to substantial bond issuance to fund massive data center, graphics processing unit (GPU), and power infrastructure buildouts.
Despite the pickup, India’s municipal paper still makes up for less than 1% of the total rupee bond sales. By comparison, the segment represents 7% of the overall bond market in the US, according to CareEdge Ratings’ January report.
From the April payroll report released on May 8, we realize that not all industries are equally impacted by AI. Diagnostic imaging centers, an area where AI is thought to replace humans, have increased demand for workers, whereas bookkeeping demand has declined in recent years.
In fixed income investing, trade execution plays an important role in overall portfolio performance. The ability to source bonds efficiently, invest capital thoughtfully and execute trades at competitive prices can directly affect investor returns.
On Friday, May 15, the 10-year Treasury yield closed at 4.59%, its highest level since February 2025. The 30-year Treasury yield closed near 5.12%, a level last seen in 2007. Those are significant moves because they reflect a repricing of the market’s inflation, growth, and Federal Reserve expectations.
One thing most people don’t know is that prior to the invention of the Fed, other than during wars, there was almost no inflation. Various sources including the Federal Reserve regional banks show the purchasing power of $1 in 1900 was the same as or higher than it was in 1800.
Tax-equivalent yields on high-quality munis are hitting 7% to 9%. Discover how WisdomTree ETFs, WTMU and WTMY, exploit the steep yield curve.
Investors need to understand what they own, how it may perform in different environments, and why it is structured the way it is. When advisors build this education into their work, it gives clients the discipline and expectations they need to stay the course when volatility rears its head.
You are undoubtedly seeing in the news that high earners are leaving New York, Los Angeles, and other metro areas. This does not begin to address the magnitude of the problem. There are dozens of cities that are trending towards fiscal collapse. Indeed, taxpayers are leaving.
Many have drawn the comparison between the current AI buildout with the dotcom period in the late 1990s, when the infrastructure for the internet was built. It’s a sensible comparison to make because of the massive amount of capital deployed to commercialize the buildout of revolutionary and life-changing technology.
State revenues are softening, and rainy day fund capacity has declined for the first time since the Great Recession, he wrote in his second quarter outlook report released Wednesday. The end of pandemic-era stimulus programs, slowing tax collections and rising costs are all adding to the weakness.
Psychology plays a larger role in our investing lives than many of us care to admit. Often, when investing, we would be better off being a bit more robotic and a bit less human. The reason behind this is often our feelings influence our decisions in ways that are not always to our advantage.
Get ready each week with high-conviction insights that go beyond media headlines.
United Airlines Holding Inc. is returning to the municipal bond market with a junk-rated $256 million sale, after last year’s volatility forced it to postpone the deal.
Munis may have struggled a bit in March, but the long-term environment for these bonds remains full of potential.
As equity markets transition into 2026, large cap equity portfolio managers share a surprisingly consistent framework — paired with sharp disagreements on where risk and opportunity sit. A survey of large growth, value, and blend managers reveals a market shifting away from simple narratives toward selectivity, fundamentals, and manager skill.
S&P 500 first quarter 2026 earnings are tracking at nearly 28% year-over-year, with rising profit margins suggesting the strong run could persist.
The generational divide is a part of the human condition – and the investor condition. It’s not just that one group has more experience than the other, or that one is more eager to make its own way, but that both groups can learn totally different lessons from the same event.
Municipal Bonds
Municipal Bond Juice Still Worth the Squeeze
Without the support of rate cuts by the Federal Reserve, it’s been a lethargic year in terms of performance by municipal bonds and the related ETFs, but that doesn’t mean advisors and fixed income investors should ignore this bond segment.
Earnings Strong. Bond Yields a Risk.
Chris Galipeau discusses high-conviction insights that go beyond media headlines.
As Uncertainty Persists, Consider Closed-End Fund Exposure
Discover Aberdeen’s closed-end funds (CEFs) for high yields, illiquid assets, long-term investments, and resilient income for 2026.
Muni Bonds Look Cheapest Since March After Rough Week of Returns
US state and local government debt hit its cheapest level since the spring, after inflation fears caused municipal bonds to see their worst week of returns since April 2025.
Jefferies Hires Muni Veterans from Goldman and Morgan Stanley
Jefferies Financial Group Inc. is hiring several muni sales and trading veterans, according to a person familiar with the matter.
Oil Rebounds as Global Supply Risks Intensify
Oil has staged an impressive rebound this month as the conflict between the U.S. and Iran has re-escalated. The memorandum of understanding signed on June 17 created a 60-day window for negotiations, but the diplomatic opening lasted only a few weeks. Both sides subsequently accused the other of violating the peace agreement, and military operations have resumed.
Muni Monthly: June 2026
In June, market news continued to be dominated by the Middle East conflict as frequent flare-ups in hostilities gave way to repeated ceasefire efforts and the signing of a high-level memorandum of understanding between the US and Iran.
DC Readies $1.2 Billion Bond Sale as Credit Stabilizes Post-DOGE
Washington, DC is stepping up to borrow $1.2 billion this week at its annual municipal debt sale, tapping the market as its credit stabilizes.
At the Edge of Insurability: When Wildfire Risk Becomes Investment Risk
From severe wildfires in northern Ontario to record heat across Europe, extreme weather is back in the headlines. Such events are becoming more frequent and intense, and the risks associated with them are testing the limits of insurability. With our research partners at Columbia Climate School, we examine how strains on the insurance system can transmit climate-related risks through the capital markets.
Bond Investor’s “Bird in Hand”
Investors continue to benefit from two powerful tailwinds: strong stock-market performance and bond yields that remain attractive compared with much of the post-financial-crisis period. Higher yields have improved the income generated by fixed income portfolios and given investors more flexibility to balance income, liquidity, and interest rate risk.
Froth Coming Out. Tape Remains Resilient.
Chris Galipeau discusses high-conviction insights that go beyond media headlines.
Integrated Tax Retirement Planning: It’s Not What You Make; It’s What You Keep
A holistic approach to retirement planning involves careful thinking and conversation around investment strategy, tax efficiency, income needs, and estate planning. The goal, of course, is to minimize the drag of taxation on lifetime earnings and wealth accumulation while maintaining both compliance and attention to the client’s priorities and values.
Few Active Fixed Income ETFs Beat the Benchmark. These Do.
For decades, traditional index-based ETFs have served as the low-cost foundational anchor for core allocations, consistently demonstrating that outperforming a broad market index is an uphill battle.
A Year-Round Opportunity
The first half of 2026 reinforced an important lesson for fixed income investors: Tax-loss harvesting opportunities don’t always arrive at year-end, often appearing during short periods of market dislocation when interest rates rise, new-issue supply increases or investor sentiment shifts.
Controlling Portfolio Structure
Regardless of how inflation is measured or debated, households continue to feel the cumulative effect of higher prices. The cost of goods and services have risen at a high pace over the past several years, and wage growth has not always kept pace evenly across households.
Few Active Fixed Income ETFs Beat the Benchmark. These Do.
Morningstar data shows most active strategies lag passive indexes, but selective active fixed income ETFs can generate alpha.
The Great Migration: ICI Data Highlights Shift From Mutual Funds to ETFs
Unpack the latest ICI flow data as long-term mutual funds bleed billions directly into low-cost, model-ready ETFs.
Bitcoin-Backed Muni Bond Fails to Get New Hampshire Sign Off
New Hampshire’s executive council voted down a proposal to bring the first Bitcoin-backed bond to the municipal market.
Great Moderation Era: Drift(ing) Away
The Great Moderation has given way to a more volatile era, where inflation shocks and market dispersion favor flexibility and diversification.
Boston Airport Borrows $812 Million for Revamp as Traffic Soars
The busiest airport in New England is tapping the municipal bond market to remodel its facilities and keep up with passenger growth.
Midyear Outlook 2026: Key Takeaways for the Second Half
Over the first half of 2026, markets faced some expected — and unexpected — tailwinds and headwinds, ranging from geopolitical developments, blockbuster corporate earnings, increasing artificial intelligence (AI) scrutiny, resilient economic data, and a new Federal Reserve (Fed) Chair.
World Cup 2026 Sees Physical AI in Action
During the June 30, 2026, World Cup round of 32 match between France and Sweden at the 82,500-capacity MetLife Stadium, the logistical scale of a global mega-event was on full display. Moving 80,663 fans safely through a sprawling transit corridor and securing a massive open-air venue demands complex engineering. Underpinning the operation is a capital-intensive ecosystem of physical AI, advanced sensors, and automation software.
Mid-Year Update
The first half of 2026 has provided a considerable amount of news for investors to digest. Notably, equity markets were higher by nearly 10%, oil prices spiked over 50% before retreating nearly back to where they started, there is a new Chair of the Federal Reserve in Kevin Warsh, and AI infrastructure spending surged.
Private Equity for Everyone Is Getting Out of Hand
Private equity may be our No. 1 economic boogeyman. It is blamed for rising real estate prices, poor medical care, and ruining many of the businesses we used to love.
Who’s Right? Two-Year Yields or Two-Year Breakeven Rates?
Chris Galipeau discusses high-conviction insights that go beyond media headlines.
The World Didn’t Break: 2026 Mid-Year Investment Outlook
Midway through 2026, Franklin Templeton Institute’s Global Investment Outlook framework remains a valuable lens—but the landscape has shifted.
A Coiled Spring: The Dollar’s Next Move
The dollar holds a central place in global markets due to its role as the world’s reserve currency. Its movements influence cross-asset correlations, shape liquidity conditions, and often offer early indications of shifts in the broader macro regime. In short, it is a critical variable that warrants close attention.
Investing Outlook: Strength, Surprises and the Road Ahead
Today’s market backdrop reflects a tension between expectations and reality. Despite higher oil prices and plenty of geopolitical noise, the US economy remains resilient and durable, supported by steady consumer spending, a labor market finding its footing, ongoing fiscal support and a surge in AI and infrastructure investment.
What to Watch This Earnings Season
The second quarter wraps up today, and it was a good one. With the S&P 500 having returned more than 14% (including dividends) with just one trading day left, it will almost certainly end up being the best quarter for the index since the second quarter of 2020. Technology was the leader despite the June weakness.
Global Investment Outlook—Resilience
A look at the resilient global economy, evolving market opportunities, and key risks shaping the investment outlook.
JPMorgan Says Private Muni-Bond Accounts Swell to $1.6 Trillion
The business of overseeing individually tailored municipal-bond portfolios has continued to grow rapidly, turning those money managers into the biggest holders of state and local government debt, according to JPMorgan Chase & Co.
June Review: Markets Remain Resilient Amid Oil and Inflation Uncertainty
June saw strong market fundamentals once again in conflict with macroeconomic uncertainties, creating a choppy market. While a durable peace plan with Iran is seemingly underway, investors have regarded the negotiations with caution, pricing in potential setbacks.
Fidelity Debuts Its First ETF Share Classes
It’s been a long time coming for the asset management world, but ETF share classes are now a reality. Fidelity Investments has joined that movement, with the launch of its first ETF share classes for some of its mutual funds.
Why Munis Matter in 2026
Join the experts at SS&C ALPS Advisors and BBH for an educational webcast exploring municipal bonds and how inflation, geopolitics, and more are impacting the space.
Rotation Nation. Large-Cap Growth on Sale.
Chris Galipeau discusses high-conviction insights that go beyond media headlines.
Market Broadening, AI, and the Case for Diversification
As the market continues to broaden in 2026, a balanced approach matters more than ever.
Summer Seasonal Technicals in Municipal Bonds: A Reliable Tailwind?
Municipal bonds often see a seasonal lift during the summer months. This pattern, known as summer technicals, stems from a straightforward supply and demand imbalance that tends to favor bond prices. Over the past ten years, the summer months (May through July) have generally been positive months for the Bloomberg Municipal Bond Index, with monthly returns averaging +0.83%, +0.43%, and +0.82%, respectively.
Can Active Management Make a Difference With Municipal Bonds?
In broad terms, there appears to be little headline risk facing advisors and income investors mulling municipal bonds. All 50 states carry investment-grade credit ratings, confirming that their credit quality remains solid.
U.S. Debt, Interest Rates, and the Opportunity in High-Quality Bonds
The rising debt burden of the U.S. government is becoming an increasingly serious economic concern. While it may not be an immediate crisis, it has the characteristics of a slow-moving domestic pandemic.
Meet the New Boss. Different from the Old Boss.
Chris Galipeau discusses high-conviction insights that go beyond media headlines.
Record $21 Billion Water Bonds Sold With Trump Budget Cuts Ahead
Water utilities are selling bonds at a record pace to upgrade aging pipes and meet tougher regulations as they prepare for a potential pullback in federal funding.
Low Chinese Demand for Foreign Oil Keeping Prices Low
One of the key questions for investment professionals is whether oil prices will return to pre-war levels once the Middle East crisis is resolved. At the same time, many are asking why oil prices are not higher, especially since the latest geopolitical deal recently pushed crude to its lowest level since the initial attack.
Vanderbilt University to Sell Up to $430 Million of Muni Bonds
Vanderbilt sold about $320 million of tax-exempt bonds through a Tennessee authority in 2024. Some of those securities that are due in 2035 traded Tuesday for a yield of about 3.06%, only slightly above the 2.83% benchmark for top-rated munis, according to data compiled by Bloomberg.
JPMorgan Converts $950M to Active NY, CA Muni ETFs
This week J.P. Morgan Asset Management launched two actively managed municipal bond ETFs focused on California and New York debt, offering investors a way to earn tax-free income inside a more flexible and transparent fund structure.
Welcome, Chair Warsh
The Federal Open Market Committee (FOMC) meets this week in what will be Kevin Warsh’s first meeting as Chair of the Federal Reserve. President Trump has been vocal about wanting to see lower yields and general consensus is that Warsh was his pick due to Warsh’s general lean towards lower rates.
Guggenheim Returns to ETF Market With Two New Income Funds
On Monday, June 15, Guggenheim Investments debuted a pair of new fixed income ETFs. Each of these new funds offers an active take on the fixed income space. This may help investors looking to amplify portfolio yield.
JPMorgan Converts $950M to Active NY, CA Muni ETFs
J.P. Morgan converted two mutual funds into active muni ETFs for California and New York investors seeking tax-free income.
Goldman Brings Google to Prepaid Energy Market After Equity Deal
On the heels of arranging a record $85 billion equity-raise for Alphabet Inc., Goldman Sachs Group Inc. has scored a lesser-known victory for the tech giant in the municipal bond market.
Buyable Pullbacks. Be Prepared.
Chris Galipeau discusses high-conviction insights that go beyond media headlines.
Brightline West Moves Ahead With New Railway Infrastructure Contracts
High-speed railway Brightline West has signed new contracts to lay tracks and systems for its high-speed railway, according to an email seen by Bloomberg, signaling progress for a project whose municipal bonds have traded at steep discounts since last year.
Vanguard’s Malloy Says Muni Yields Bolster Second-Half Outlook
Attractive yields and strong credit fundamentals are setting the municipal bond market up for a solid second half of the year, said Paul Malloy, the head of municipals at The Vanguard Group Inc.
Google-Tied Prepaid Energy Bonds See Flood of Muni Trader Demand
Prepaid energy deals are complicated transactions that allow utilities to lock in cheaper prices over long periods of time. They involve a financial middleman that receives bond proceeds in exchange for making regular payments needed to procure the energy for the utility.
A Time to Plan
Investors have enjoyed a favorable run. If the year ended today, it would mark the seventh time in the last nine years that stock portfolios generated double-digit returns. Housing prices remain near historic highs, while bond investors have benefited from elevated yields over the past three years.
Top May Articles on Advisor Perspectives Target Retirement, Scams & More
Several articles enjoyed strong performance during the month of May, though there does not seem to have been a unifying theme, unless it is pointing out mistaken beliefs or unexamined conventions.
2026—The Year the Fed Pauses. Rates Range-Bound. Now What?
Chris Galipeau and Taylor Topoussis discuss high-conviction insights that go beyond media headlines.
Google-Tied Prepaid Energy Bonds See Flood of Muni Trader Demand
Google parent Alphabet Inc.’s municipal-bond market debut was met by a surge of investor interest.
Park City Ski-Area Turns to Luxury Dirt Deal Ahead of Olympics
The largest ski resort in the US, in a corner of Utah long popular with wealthy travelers and second-home buyers, is expanding — and turning to the municipal bond market to help pay for it.
Can AI Financial Advice Help You Retire More Comfortably?
When someone told me recently that her favorite use of AI is for financial advice, I was horrified. I am a retirement economist, and my first reaction was self pity: Now I know how doctors feel when people use AI for medical questions.
Oil Market Underestimates Frictions Beyond a Deal
For weeks now, media reports have been suggesting that Washington and Tehran are moving closer to a memorandum of understanding (MOU). In practical terms, that would extend the current ceasefire by roughly 60 days and create a window to negotiate a more durable peace agreement.
Record Highs on the Back of Earnings and AI. Will Inflation Prove Sticky and Derail the Rally?
Despite rising global yields and renewed inflation concerns, equities moved higher in May on the back of a strong US earnings season and continued momentum in AI-related stocks. The tech-heavy Nasdaq Composite gained 8.4% for the month, while the S&P 500 rose 5.3% and the Dow Jones Industrial Average was up 2.9%.
AI Funding Boom Reaches Muni Market With Google-Tied Bond Sale
Google parent Alphabet Inc. is poised to enter the municipal-bond market’s prepaid energy space by participating in a $1 billion transaction out of California, a major development in the evolution of a booming segment.
Asking the More Appropriate Question
Would I be better off waiting for the Fed to make its move on rates before investing?” “Should I wait to increase duration because a blocked Strait of Hormuz could push oil prices higher and push rates even higher?” “Should I invest in bonds gradually to reduce the risk of missing the rate peak?
Strong Earnings Season Complete! Where Will the Market Focus Now?
Taylor Topoussis and Chris Galipeau discuss high-conviction insights that go beyond media headlines.
Muni Funds Lure Near-Record Cash as Reinvestment Season Nears
Investors are pouring money back into municipal bonds as higher yields and the approaching summer reinvestment season draw cash into the tax-exempt market.
The Muni Brief: NYC’s Pied-à-Terre Tax
New York City is facing one of the most significant fiscal challenges in recent memory. The NYC Comptroller has projected a $2.2 billion budget shortfall for FY2026, growing to a $10.4 billion gap in FY2027 (Source: New York City Comptroller, January 2026). That is a two-year deficit of roughly $12.6 billion.
The Hidden Tax Drag in Municipal Bond Portfolios: What Advisors Are Missing
The assumption that muni equals tax-free is deeply embedded in how the asset class gets discussed and presented. But for high-net-worth clients in high-tax states, the gap between partially exempt and fully exempt is material enough to be worth a conversation.
The Retirement Hack Hiding Inside Most DC Plans
Many debates in defined contribution (DC) circles focus on fees, new asset classes, and ever more complex solutions. But the biggest improvement available to plan participants may come from something far simpler: how their fixed income is managed.
Technical Take on the Record-High Rally
Risk appetite remains firmly intact as optimism surrounding a potential resolution to the war with Iran continues to improve investor sentiment. The S&P 500 has now advanced for eight consecutive weeks, with price action remaining remarkably resilient throughout the recovery.
California Municipals: What Matters Now
California continues to demonstrate fiscal resilience, supported by strong liquidity balances and the absence of projected cash‑flow borrowing through FY 2026–27. However, Medicaid cost pressures, a progressive tax structure highly sensitive to equity market swings, and constitutional spending constraints remain key differentiators between California and other large states.
The Great Wrapper Migration: Mutual Fund-to-ETF Conversions Cross 200
A tidal wave of conversions has siphoned an unprecedented amount of capital out of mutual funds and into the ETF wrapper. Last year’s record 60 mutual-fund-to-ETF conversions in 2025 across 31 firms pushed total converted assets past $260 billion, and the past five years have now seen a grand total of 203 conversions.
AI’s New Frontier: The Transformation of Investment-Grade Credit
The artificial intelligence (AI) boom has transitioned from an equity market narrative to a defining force in fixed income. Hyperscalers (Amazon (AMZN), Alphabet (GOOG/L), Meta (META), Microsoft (MSFT), and Oracle (ORCL)) are shifting from internal cash flows to substantial bond issuance to fund massive data center, graphics processing unit (GPU), and power infrastructure buildouts.
Fundamental Backdrop Strong. Watch for Pullbacks.
Chris Galipeau discusses high-conviction insights that go beyond media headlines.
India’s Richest Civic Body Plans Nearly $1 Billion Muni Bonds
Despite the pickup, India’s municipal paper still makes up for less than 1% of the total rupee bond sales. By comparison, the segment represents 7% of the overall bond market in the US, according to CareEdge Ratings’ January report.
How AI May Increase Jobs, Not Replace Them
From the April payroll report released on May 8, we realize that not all industries are equally impacted by AI. Diagnostic imaging centers, an area where AI is thought to replace humans, have increased demand for workers, whereas bookkeeping demand has declined in recent years.
Trading Fixed Income SMAs at Scale for Execution Advanta
In fixed income investing, trade execution plays an important role in overall portfolio performance. The ability to source bonds efficiently, invest capital thoughtfully and execute trades at competitive prices can directly affect investor returns.
Inflation Persists as the Fed Chair's Term Expires
On Friday, May 15, the 10-year Treasury yield closed at 4.59%, its highest level since February 2025. The 30-year Treasury yield closed near 5.12%, a level last seen in 2007. Those are significant moves because they reflect a repricing of the market’s inflation, growth, and Federal Reserve expectations.
From the US Market Desk: Now What?
Chris Galipeau discusses high-conviction insights that go beyond media headlines.
Making the Fed Great Again
One thing most people don’t know is that prior to the invention of the Fed, other than during wars, there was almost no inflation. Various sources including the Federal Reserve regional banks show the purchasing power of $1 in 1900 was the same as or higher than it was in 1800.
WisdomTree Office Hours: Unlocking Value in Laddered Munis
Tax-equivalent yields on high-quality munis are hitting 7% to 9%. Discover how WisdomTree ETFs, WTMU and WTMY, exploit the steep yield curve.
What ‘Smart Defense’ Actually Means in Practice
Investors need to understand what they own, how it may perform in different environments, and why it is structured the way it is. When advisors build this education into their work, it gives clients the discipline and expectations they need to stay the course when volatility rears its head.
On the Horizon: America’s Municipal Default Crisis
You are undoubtedly seeing in the news that high earners are leaving New York, Los Angeles, and other metro areas. This does not begin to address the magnitude of the problem. There are dozens of cities that are trending towards fiscal collapse. Indeed, taxpayers are leaving.
Using the Late 90s as a Comp, the AI Boom Still Has Legs
Many have drawn the comparison between the current AI buildout with the dotcom period in the late 1990s, when the infrastructure for the internet was built. It’s a sensible comparison to make because of the massive amount of capital deployed to commercialize the buildout of revolutionary and life-changing technology.
BlackRock Says Increased Downgrades Looming for State Borrowers
State revenues are softening, and rainy day fund capacity has declined for the first time since the Great Recession, he wrote in his second quarter outlook report released Wednesday. The end of pandemic-era stimulus programs, slowing tax collections and rising costs are all adding to the weakness.
Create an Emotional Foundation
Psychology plays a larger role in our investing lives than many of us care to admit. Often, when investing, we would be better off being a bit more robotic and a bit less human. The reason behind this is often our feelings influence our decisions in ways that are not always to our advantage.
What a Move!
Get ready each week with high-conviction insights that go beyond media headlines.
United Revives Junk-Rated Muni Sale for Its Biggest Kitchen Ever
United Airlines Holding Inc. is returning to the municipal bond market with a junk-rated $256 million sale, after last year’s volatility forced it to postpone the deal.
Are Municipal Bonds Primed for a Summer Rebound?
Munis may have struggled a bit in March, but the long-term environment for these bonds remains full of potential.
AI, Healthcare, and Volatility: Positioning for 2026
As equity markets transition into 2026, large cap equity portfolio managers share a surprisingly consistent framework — paired with sharp disagreements on where risk and opportunity sit. A survey of large growth, value, and blend managers reveals a market shifting away from simple narratives toward selectivity, fundamentals, and manager skill.
First Quarter 2026 Earnings: Feelin' Alright
S&P 500 first quarter 2026 earnings are tracking at nearly 28% year-over-year, with rising profit margins suggesting the strong run could persist.
The Market’s Cultural Headwaters
The generational divide is a part of the human condition – and the investor condition. It’s not just that one group has more experience than the other, or that one is more eager to make its own way, but that both groups can learn totally different lessons from the same event.