Insights

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.

Investment managers confronting challenges of a more complex and competitive municipal bond trading environment must develop, deploy and continually refine new tools and technologies.

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

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.