Muni Think

Investors are probably in for disappointment if they continue to fight the Fed.

A way to look at city regeneration, infrastructure and the virtuous cycles of funding these initiatives through long-term pension investments obligations.

Considering pension risks within the framework of municipal credit analysis is particularly important now, following a lengthy period in which the global economy experienced low interest rates and low inflation.

The Bond Buyer’s Rising Stars program’s return for a seventh year will include the inaugural inductions into The Bond Buyer Hall of Fame at an awards ceremony at the close of The Bond Buyer’s Infrastructure event November 15.

If the inflation figures begin to move lower, then there is a reasonable chance of working through this cycle of rising rates without experiencing a recession.

While a document search will not turn up the dreaded word “stagflation,” the minutes mention on multiple occasions that the FOMC sees risk to growth skewing toward the downside, and inflation risk to the upside.

While the path back to pre-pandemic office life remains uncertain, a protracted remote work reality may be a harbinger for future credit rating downgrades of cities heavily dependent on commuter-driven revenues.

Technology enables us to be better, smarter, and faster and allows its adopters to focus on more substantive tasks, unearth insightful information and manage human relationships.  

Assuming the taxable and tax-exempt rates are highly correlated (and in fact they are), we can show that the expected cost of a fairly priced callable bond exceeds that of an optionless bond.

Shorter-dated and high-yield credit will be more likely to succeed in the current volatile environment.