2022 Municipal Market Outlook: Checkers vs. Chess
As we examine the municipal bond “board” at the start this new year, it looks to us to be a more challenging one than a year ago. More like chess than checkers. Winning will likely require a more complex, multi-faceted strategy than in 2021.
Winning a Loser's Game: Three Decades of Active Municipal Risk Management
Market sectors perceived as low-risk, such as the municipal bond market, can offer valuable lessons and insights for those who study the market. That includes interest rate risk, including optionality and cash flow uncertainty. Investors must also consider liquidity, regulatory, legal and political risks.
If the Yield Curve Could Talk
Value in Short-Term Bonds: The sharp rise in short-term rates in 2017 has created attractive valuations on the front end of the investment-grade curve. If the curve could speak, almost certainly the shorter maturities would now be shouting, Look at me---look at me! Not since fall 2008 have investors been able to earn 2.0% or more on high-quality, short-term bonds such as 2-year Treasury notes.
Comparing the House and Senate Tax Reform Proposals
Attached is a comprehensive table from Baird’s Tim Steffen comparing both the House of Representatives and the Senate tax reform bills to current law. This is a handy, at-a-glance tool for comparison as both bills are far from identical.
Baird Advisors’ 2018 Bond Market Outlook
What should fixed income investors expect in 2018? In this white paper, Mary Ellen Stanek, CFA, shares Baird Advisors’ annual investment outlook, makes a case for “lower and longer” economic growth, and identifies headwinds that could present challenges for market participants in the new year.