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PUBLIC MARKETS
Institutional Municipals Reimagined
The Case for Flexible Municipal Strategies
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Leader In Specialty Fixed Income
For decades, MacKay Shields delivered specialty fixed income solutions backed by disciplined research and a commitment to providing long-term value for our clients. The MacKay Shields client experience provides investors direct access to senior investment professionals.
Responsibility In Action
We provide purposeful opportunities for our employees and promote the well-being of the environment and communities in which we work and live.
Opportunity Through the Crosscurrents
Explore how resilient growth, sticky inflation, geopolitical uncertainty, widening dispersion, and durable income demand are reshaping opportunity in the second half of 2026.
Forward Guidance: Summer Schooled
Chair Warsh’s Jackson Hole pivot and Treasury’s expanded long-end buybacks are reshaping the rates outlook. Michael DePalma and Steven Friedman discuss why greater fixed income volatility may lie ahead.
The demand everyone sees, the timing nobody knows
Some of the best opportunities emerge when long-term fundamentals and short-term economics diverge. Brazil's ethanol industry may be approaching that point.
Investing in the AI Buildout: a bond investor’s view on risk, value, and selectivity
AI’s growth story is compelling, but bond investors need more than a powerful theme. As issuance surges and valuations reprice, we believe opportunity lies in credits where spread, structure, and fundamentals adequately compensate for risk.
US Treasury Influence on Muni Long Bonds
Munis Outperform on the Week. Munis Eye Soft YCC. Higher Education Makes Headlines. We explain in our latest MacKay Municipal Monitor.
FEATURED INSIGHTS
The Muni 360 Podcast - Weekly Wrap Up
Listen to the most recent podcast, as the seasoned active investors at MacKay Municipal Managers share their latest views on the municipal market.
Forward Guidance
Senior Macroeconomist Steven Friedman shares his post-FOMC thoughts on monetary policy and economics. He also meets with portfolio managers mid-cycle to discuss markets and investment opportunities.
The EM Playbook
Valentina Chen, Head of the Emerging Market Debt Team shares the team’s thoughts on emerging market fixed income landscape in this video commentary series.
Tale of two markets: why EM airline bonds are flying higher
Despite higher oil prices and geopolitical uncertainty, EM airline bonds have quietly outperformed. The reason may lie in stronger fundamentals than many investors appreciate.
The forward guidance trap: revising our Fed call following Jackson Hole
Jackson Hole delivered more than expected. Chair Warsh's articulation of his monetary policy principles, combined with his assessment of the economy, has led us to move our first rate hike call forward from December to September.
Treasury's Buyback Announcement: The Bessent Put Takes Shape
Larger Treasury buybacks may support long-term bonds but less predictable debt management could create new market risks.
The Warsh Doctrine: what a quieter Fed means for the rates market
The Fed just got quieter. With less forward guidance, markets will still form expectations. Here's what it means for rates investors.
The Allocation Shift
EM debt is emerging as a core allocation—offering yield, diversification, and efficiency. Are portfolios adapting?
Repositioning Fixed Income in a Higher-Volatility Regime
Diverging macro conditions and sector dispersion highlight the importance of selective exposure across rates, credit, and EM. Improved yield levels support return potential, but outcomes will depend on active positioning across duration, credit quality, and sector allocation. Explore our specialty fixed income outlooks.
Hiding in Plain Sight: The Public Credit Opportunity
Public credit is increasingly attractive because today’s market places greater value on transparency, liquidity, diversification, and the ability to reposition quickly.
The Missing Core: Why Taxable Municipals Deserve Strategic Attention Amid Uncertainty
Taxable municipals combine high-quality income, structural discipline, and lower default risk—yet remain under-allocated.
Software Credit Under AI Adoption Pressure Amid Accelerating
As AI innovation accelerates, software credit risk is being repriced. We break down the real risks, the market exposure, and where we see relative credit strength in the sector.
Kevin Warsh: “You’re Hired”
President Trump’s nomination of Kevin Warsh to chair the Federal Reserve heralds the return of a central banker with well-established hawkish credentials and a history of championing Fed independence.
Analyzing the Affordability Trade
With the midterms approaching, the administration has launched a renewed affordability push, including a proposed credit card rate cap and expanded GSE MBS purchases.
1Q26 Specialty Fixed Income Outlooks
Explore the investment landscape with MacKay Shields' Investment Teams.
Why Asset-Backed Securities Are NOT the Next Financial Crisis
Despite recent headlines, we believe the securitized ABS market remains fundamentally sound.
Key Insights on Multi-Sector Positioning with Neil Moriarty
Neil Moriarty, Co-Head of MacKay's GFI team, shares timely insights on positioning within multi-sector fixed income.
Navigating Strategic Opportunities in Fixed Income Webinar Replay
MacKay’s Global Fixed Income team discussed how active, diversified management can unlock value amid policy shifts, inflation pressures, and tight credit spreads. Key insights: elevated yields create rare opportunities across investment-grade corporates, securitized products, and high yield — where disciplined research and selectivity remain essential.
4Q25 Specialty Fixed Income Outlooks
Explore the investment landscape with MacKay Shields' Investment Teams.
MacKay Moments - Empowering Women, Together
As part of our 2025 service volunteer initiative, MacKay Shields proudly partnered with colleagues from New York Life Investors, New York Life Investment Management and Apogem Capital to support Bottomless Closet.
Navigating Policy Credibility Risks
Concerns over Federal Reserve independence, a change atop the Bureau of Labor Statistics and long-run fiscal issues pose risks to US policy credibility. Listen to our latest edition of Forward Guidance for how these developments impact our market and portfolio views.
From Spread to Stability: A Potential Structural Turning Point for Pemex?
With spreads narrowing and demand surging, could this signal a turning point for one of EM's most challenging credits? Learn more from our Emerging Market team’s latest insights.
A Hawkish Hat Trick
Chair Powell’s remarks during his post-FOMC press briefing skewed somewhat hawkish and certainly displayed no urgency to begin cutting rates in September. Check out the latest episode of Forward Guidance, where Steven Friedman highlights three remarks in particular.
Defensive Agility
The rally in risk assets in recent weeks reflects a confluence of catalysts: falling trade tensions, reduced threats to Middle East oil supply, and anticipated Fed easing. Given this perfect storm of positivity, markets remain vulnerable to a repricing, especially around trade policy and the inflation outlook. We are navigating with what we call defensive agility: respecting the rally’s momentum but prioritizing structure and optionality.
GSE Privatization—Navigating Complexities and Market Implications
As discussions around the future of Fannie Mae and Freddie Mac re-emerge, investors are weighing what privatization could mean for the $6.6T U.S. mortgage market.
Downgrade – Assessing the US Fiscal Picture
The US fiscal landscape is deteriorating, with the debt-to-GDP ratio projected to reach 120-130% over the next decade. Stay informed and consider how these shifts may affect your investment strategies.
Relief Rally, Reality Check
In the latest episode of Forward Guidance, Steven Friedman and Michael DePalma dissect the implications of provisional trade war de-escalation for the economy, markets and portfolio positioning. The Treasury market also remains top of mind amid curve steepening and a fiscal plan making its way through Congress that could add close to $3 trillion to the public debt over the next decade.
Weathering Market Volatility - Muni Market Update with Bob DiMella
MacKay Municipal Managers team remains vigilant in assessing changes that the recent tariff policy’s impact has on the broader municipal market including the state and sector level. In case you missed our webinar hosted by Bruno Machado, Head of Family Office Sales, Bob DiMella, Co-Head of MacKay Municipal Managers provided an update on the dynamic municipal market landscape and strategies to enhance your investment decisions and current opportunity set.
2Q25 Specialty Fixed Income Outlooks
Explore the investment landscape with MacKay Shields' Investment Teams.
Employee Spotlight - Alison Micucci
Our new CEO, @Alison Micucci, shares her excitement about leading the MacKay team at a time of growing demand for public fixed income among institutional and retail investors. Under Alison's leadership, the team will be focused on building MacKay's experienced position in Municipals, High Yield, and Convertibles, while expanding our multi-sector and multi-asset solutions.
2025 Taxable Municipal Themes
Demand for taxable municipals will remain elevated as absolute yields and solid credit fundamentals provide a haven during a period of global economic uncertainty.
US Banks: Could Regulation Roll Back Go Too Far?
For fixed income investors, US banks should continue operating within a robust regulatory framework despite potential changes.
Key Insights on Multi-Sector Bond Positioning
In this video, Neil Moriarty analyses what makes the Strategic Bond Strategy different, using last year's snap elections in Europe and the UK, which created market volatility, as an example.
Navigating Market Volatility: Key Insights on Multi-Sector Bond Positioning
Hear from Neil Moriarty discussing MacKay’s Strategic Bond strategy which focuses on diversified sources of alpha, embracing underappreciated sectors, and leveraging market volatility to identify attractive investment opportunities.
Taxable Municipal Bonds: An Overlooked Asset Class 2025
Contrary to conventional thinking, taxable municipals are a compelling solution within fixed income portfolios, as they offer a high-quality issuer base, low historical default rates, attractive yield potential, and total return potential.
A Compelling Case for Diversification Beyond Treasuries: Echoes of the Mid-1990s
One benefit of higher interest rates has been that many investors have become comfortable holding US Treasuries, and with good reason—they’ve served as a low-volatility, liquid core holding.
1Q25 Specialty Fixed Income Outlooks
Explore the investment landscape with MacKay Shields' Investment Teams.
US Banks 2025: Opportunities in a Transforming Landscape
With the backdrop of strong economic fundamentals, favorable regulatory shifts, and evolving market dynamics, we believe the US banking sector is positioned as an attractive opportunity set for income seeking investors.
MacKay Moments - Using High Yield in an Uncertain Environment
How should asset allocators be thinking about high yield bonds as part of their toolkit in this uncertain environment of 2025?
Municipal Credit Research Q&A: Why It Matters Now More Than Ever
Full time professional credit research all day and every day has never been more critical in the municipal market.
Taxable Municipals: Complement to Core Bonds
Taxable Municipals can be a strategic complement to core bonds in your portfolio, helping to reduce risk and generate income. Watch to learn more.
Opportunities in Synthetic Risk Transfers
The US banking industry is undergoing significant changes that are creating new markets for fixed income investors. One of those markets is Synthetic Risk Transfers or SRTs.
MacKay Moment - Investing in Commercial Real Estate Debt: Zombie Apocalypse or Diamond City
Despite recent challenges, we believe the commercial real estate market holds resilient investment opportunities.
MacKay Municipal Managers Top 5 Insights Mid-Year Update
The Year of FUNDamental Municipal Investing
US-China Trade Wars: A Benign Déjà Vu or Potential for Wider Escalation?
EMD Team gives timely perspectives on the latest developments on the US-China trade relations.
Taxable Municipal Bonds: An Overlooked Asset Class
Municipal bonds are historically excluded from qualified retirement plans and IRAs. Yet, they are a compelling solution within fixed income portfolios.
MacKay Municipal Managers Top 5 Insights for 2024
The Year of FUNDamental Municipal Investing. After two tumultuous years, we expect a municipal market recovery in 2024 and we believe municipal bond mutual funds will outperform other investment vehicles.
Stepping Out of Cash and into Short Duration
With short duration bonds currently generating high levels of income, we explain why it is now the time to step out of cash and into short duration bonds.