Insights

Uncertainty around fiscal deficits and trade policy dampened demand for Treasury bonds in May.

There are important limitations to relying solely on total return—primarily that not all returns are created equal.

Federal policy actions present new risks for many private higher education institutions.

Breckinridge believes a less rigid approach to municipal bond management can pursue objectives similar to ladder strategies while providing flexibility to opportunistically take advantage of changing market conditions.

As a city’s population increases, a municipality’s credit profile can change rapidly. Population growth is typically a favorable credit factor but can introduce challenges as well.

The municipal bond market enters 2025 with strong but ebbing credit fundamentals, the potential for rising Municipal/Treasury ratios driven by increased issuance and weaker demand due to policy uncertainty, and tight credit spreads.

Demographic shifts, more competition in the public school arena, and state aid formulas are driving challenges.

United Nations conferences conducted in 2024 continued to focus nations on the key sustainability risks presented by climate change and degradation of biodiversity around the world.