Municipal Market Weekly Update

Taking Assessment Mid-Year

• Municipals value comes back into focus
• First half by the numbers
• How should investors think about quality?

Threat of Rate Hikes Phases Munis Little

• Municipals weather fed meeting
• Relative value is back
• Investor mistakes

Munis Shrug Off Rate Hike Threats

• Municipals take a step backwards
• Has the market already priced the next fed move?
• Investor mistakes

Munis Are a Credit Market at Heart…

• Municipals outperform again
• Sometimes the answer is just spread
• Allocating to munis

Muni Buyers Take Second Bite at Yield Apple

• Municipals outperform on the week
• A second bite at the tax-exempt apple
• Munis with cross-over appeal

Unpacking Alternative Minimum Tax (AMT)

• Muni rates move higher with treasuries
• Demystifying alternative minimum tax
• Sitting in cash still a pain point

High Tax vs National Debate Rages On

• Rates rally on week, munis trail slightly
• Why going national isn’t a given
• Eyeing munis in different cycles

Parsing Through the Data on Wealth Tax Initiatives

• Municipals underperform on the week
• State-level “millionaire taxes” expand; wealth taxes remain tail risk
• Seasonal supply and demand

Muni Issuance Crowds Inside 10 Years

• Municipals outperform on the Week
• The demand is real for exempt income
• Muni seasonality comes into play

Muni Tax Time is Far from an April Thing

• Munis take a breather vs Treasuries
• Tax is a focus every month of the year
• What drives taxable muni issuance

Munis Find a Way to Balance Risks

• Munis find their ceasefire swagger
• Taxable munis keeping insights on top
• California school district thoughts

Investors Should Note How Un-2022 This Year Is

• Muni valuations recalibrate
• Why this year is truly different
• Still constructive on munis

Looking For Safety in the Wrong Curve Places

• Rate rise continues, with mixed results
• Flight to quality can mean different things
• K-12 credit musings

Technical Curve Dynamics Tilt Advantage to Team Muni

• Rate rise continues, with mixed results
• Curve dynamics create opportunities
• Issuance not muni boogey man

Coupon Opportunities Lend Themselves to Active Solutions

• Rates quick to sniff out geo-political risks
• 4s over 5s argument enters active realm
• How risky are equity concentrations?