Q1 2024 Credit Commentary - Will This Be The Year Credit Trends Reverse?

Muni yields have followed Treasury yields up and are expected to increase in the summer. The collapse of the Francis Scott Key Bridge is expected to have wide-ranging effects on the U.S. Economy. Interest rates and inflation are still up, but the Fed appears to be moving away from rate cuts. Moody's downgrades the Maryland Transportation Authority's Aa2 rating.

Weekly Report: what happened at MEAR last week (0408-0412)?

Municipal Issuance Eclipsed Expectations

Mortgage bonds posted marginally negative performance and lagged Treasuries in March. The S&P Municipal Bond Index returned -0.02%. Lower-rated credits and the 15-year part of the yield curve performed best. Continued seasonal headwinds warrant patience and caution in April.

Weekly Report: what happened at MEAR last week (0401-0405)?

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Q1 2024 Total Return Municipal - Munis Enjoy A Strong First Quarter

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Ahead Of The Fed: Don't Delay Return To The Muni Market

Investors who entered the market two to three months before the first Fed rate cut saw more than double the 12-month return of those who waited. Historically, putting cash to work in munis before easing began resulted in significantly higher returns. With the Fed likely to start easing soon, we think today is the ideal time to return to munis.

Municipals Deliver Strength Ahead Of Seasonal Shift

BlackRock says municipal bonds posted positive performance and outperformed comparable Treasuries in February. The S&P Municipal Bond Index returned 0.08%. The 20-year part of the yield curve and lower-rated credits performed best. We expect supply-and-demand dynamics to turn less supportive in the coming months.

Weekly Report: what happened at MEAR last week (0311-0315)?

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BlackRock Short Maturity Municipal Bond ETF declares monthly distribution of $0.1386

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Investing With Impact: How Municipal Bonds Are Leading The Way

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Fixed Income Market Expectations In 2024

Michael Goosay, Chief Investment Officer, Global Fixed Income, shares his outlook for the fixed income markets in 2024. He says global central banks may be looking to cut interest rates in 2024 and beyond. He believes fixed income will be an attractive asset class as the economic tightening cycle turns into a pause in and an easing of policy.

Muni Trends To Watch In 2024

We expect muni issuance in 2024 to outstrip the $380 billion in 2023. We expect the U.S. Economic environment, individual state laws, and the challenges facing municipal sectors to offer a favorable investment environment. We explore trends in the municipal bond market, including supply, performance, and what sectors to watch.

Weekly Report: what happened at MEAR last week (0212-0216)?

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Munis Still Attractive