Top of the Morning: Muni Markets - The January effect
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In this episode, we discuss the municipal bond market and its, so far, strong start to the year. Plus, a look at California munis and the impact from the Billionaire tax. We'll assess the market right now and how investors should be positioned. Featured are Sudip Mukherjee, Senio
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4 itemsTop of the Morning: Muni Markets - The January effect
Top of the Morning: Muni markets - Policy matters
The desk views the municipal bond market as positioned for continued resilience amid evolving federal policies, with attractive yield spreads over Treasuries. Per the full note from UBS, while inflationary pressures and uncertainties around tariffs create short-term volatility risks, the expected tax-equivalent yields, especially in high-tax states, remain compelling. We highlight the yield advantage where in-state bonds exceed 7.5% after tax considerations, contributing to our barbell preference strategy outlined in the report.