BSMR

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 BSMR 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 BSMR last week (0401-0405)?

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

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

Weekly Report: what happened at BSMR 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.