SMB

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

Weekly Report: what happened at SMB last week (0325-0329)?

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

How Can Muni Investors Capitalize On Yield Curve Conditions?

While the U.S. Treasury yield curve remains inverted, we believe the spread between 2-year and 10-year yields peaked in June 2023. Two strategies can help municipal bond investors capitalize ahead of the Fed's potential easing cycle. The roll-down strategy focuses on the intermediate portion of the municipal bond curve, which has recently re-steepened.

Weekly Report: what happened at SMB last week (0318-0322)?

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.