Municipal Market Weekly Update

Munis Gain Strength as Swap Season Heats Up

• Munis find some footing
• Turning losses into assets
• Muni supply still running strong

Munis Find Additional Ways To Become More Attractive

• Repricing train still on tracks
• Steeper than treasuries does not necessarily mean historically steep
• Is the muni opportunity just based on a bull run?

Munis in a Fed Tightening Cycle

• Munis get much cheaper
• Munis in a Fed tightening cycle
• Where is risk appearing

Higher Rates Are an Invitation for Broader Muni Adoption

• Munis get much cheaper
• Could muni buyer base widen?
• Diversification in munis

US Treasury Influence on Muni Long Bonds

• Munis outperform on the week
• Munis eye soft YCC
• Higher education makes headlines

Two Taxes on Income: Washington and Inflation

• Munis struggle in long end
• Income Is back as an inflation defense
• Impact of Fed curve policy

Active Making its Case for Munis

• Munis outperform on long end
• Active vs. Passive
• Volatility creates opportunity

Tax-Free Rallies Past UST

• Muni in control
• Exempts resist treasury levitation
• Munis as a buffer zone

Munis Get Back to Historical Business

• Mixed performance
• Curve continues to normalize
• Municipal credit quality

The Muni Market Just Got More Interesting

• Valuations reset, creating more attractive entry points
• Higher starting yields
• Municipal credit quality

Calendar Throws Wrench in Muni Winning

• Munis underperform on the week
• Market getting more prescriptive
• What are advisors getting wrong?

Half-Time Assessment

• Technicals driving municipal forces
• Taking score at half-time
• Are there spots the market is mispricing risk?

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