Bond Market

Strong Returns Ahead? Key Themes for Municipal Bond Investors in 2025

With the start of the year, several asset managers and investment firms are beginning to publish their outlooks for the ...

Trade War Delayed In Favour Of Grifting

The feared Opening Day Tariff War On Canada has been at least delayed (CBC link). Although Trump is a big ...

What Will Trump’s Second Presidency Mean for Municipal Bond Holders in 2025?

As we look ahead to 2025 and the potential impact of Donald Trump’s presidency on municipal bondholders, several key factors ...

Yield Curve Indicator Still Waiting For A Recession

The U.S. 2-/10-year slope inverted in mid-2022, and we are still waiting for the recession that was allegedly predicted by ...

Yay For The Bond Vigilantes

The New Year has started off as well as one could suspect. In addition to the Co-President arguing that the ...

Navigating Rate Uncertainty: Why Intermediate Municipal Bonds Shine in Volatile Times

The Fed’s cutting of rates was supposed to boost bond prices and create wonderful total returns for fixed income asset ...

Taxable Municipal Bonds: A High-Yield Opportunity to De-Risk Portfolios

One of the biggest draws to the municipal bond market is their tax-free status. Issued by states and local governments, ...

Banknote Short Follow Up

I have again been ambushed by distractions — Christmas shopping and consulting (to pay for the Christmas shopping). I just ...

Municipal Bonds and Infrastructure: A High-Yield Match Made for Investors

Municipal bonds are issued by state and local governments for various purposes, making the sector quite diverse. As a result, ...

Golden State Munis: Opportunity in Uncertainty?

As one of the largest states in terms of economic prowess and population, California also happens to be one of ...

Canadian Recession Watch

I saw a comment by former Bank of Canada Governor Stephen Poloz that suggested that only population growth is keeping ...

Municipal Bonds Win: Why Smart Investors Focus on Tax-Equivalent Yield

One of the best pieces of investment advice could be, “It’s not what you earn, it’s what you keep that ...

Yes, Banknotes Are A Central Bank Liability

David Bholat recently wrote “How to Modernise Central Bank Balance Sheets: No Notes.” It is partly in response to this ...

Tariffs: Only Transitory Inflation

I managed to not notice a curling rock in my path when sweeping on Monday, so my writing plans this ...

Election Impact: Will Municipal Bonds Lose Their Tax-Exempt Status

U.S. election cycles are often fraught with volatility and big changes. Nearly every sector and industry is affected in one ...

Tariffs As A Fiscal Tool?

One of the more predictable outcomes of this election is that I am now running into analyses suggesting that tariffs ...

Trump Victory Comments

From the perspective of the rates markets, I see limited effects of the Trump election victory when we look at ...

Municipal Bond Insurance: What You Need To Know Before Buying

Insurance coverage has an important place in daily life: Americans insure homes, cars, lives and businesses against unforeseen accidents or ...

Hoping For Boring Inflation

I have been racking up a lot of consulting hours recently, so my writing has been on a back burner ...

Maximizing Returns With Long-Dated Municipal Bonds in a Normalizing Yield Curve

After what feels like forever, the yield curve has reverted to its normal direction, with longer-dated bonds now yielding more ...

The Credit Cycle

I finally have my kitchen back, and now can devote more time to writing and consulting. I am still pushing ...

4 Big Questions Answered About the Current Muni Market

1. Why are my Muni Bonds down? Muni bond prices declined primarily due to rising interest rates. With the Federal ...

Munis on the Rise: Better State Finances and High Yields Offer a Bond Market Win

Municipal bonds have long been seen as a safe haven in the bond market. After all, their credit quality and ...

Primer: Introduction To Credit Spreads

After a hiatus resulting from various disturbances, I am back with another book manuscript section. I just reworked this section, ...