Insights

Prudent investors can employ strategies to mitigate the impact of these technicals and identify the best after-tax opportunities.

As economic conditions shift and monetary policies change, we are generally seeing more divergence amongst issuers and opportunities to add value through credit selection.

The municipal market enters 2026 with strong but fading credit quality.

California’s fiscal picture remains strong, but its heavy reliance on income taxes tied to capital markets means the state could face unique risks if the AI boom reverses.

Today’s investors have access to a wide variety of investment vehicles, often utilizing multiple structures within the same portfolio.

Influences spanning government, regulatory and trade policy, market technicals and sector fundamentals shaped the municipal bond market through June 2025.

Municipal bond investors would be remiss to ignore the impact of state and local taxes on an appropriate mix of in- and out-of-state bonds in their portfolios.

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