The recent economic data showing a slowdown in GDP growth has had a significant impact on municipal markets. Following the rise in U.S. Treasuries and higher yields, municipals experienced losses, pushing yields on Triple-A bonds to increase by up to five basis points. In particular, the two-year munis-to-Treasury ratio reached 64%, indicating a shift in
Opportunities
Brightline, a privately owned passenger train service in Florida, recently entered the tax-exempt market with more than $3.1 billion of low-investment grade and unrated bonds. This move attracted a lot of attention from investors due to the high yields offered, some as high as 12%. Investor Response Despite the risky nature of the bonds, there
Microsoft, a key player in the market rally and AI race, is set to release its latest quarterly report. Despite a nearly 5% gain year-to-date, the tech giant has faced a more than 7% slump in April. Investors are eager to see if Microsoft’s upcoming report can revive the rally, but the expectations are high.
In a recent announcement, Velocity Labs revealed their partnership with Ramp Network to introduce a fiat to crypto onramp using Asset Hub for any parachain within the Polkadot ecosystem. This collaboration aims to address the longstanding issue of accessibility in the DeFi space, particularly in the transition from traditional fiat currencies to cryptocurrencies. Onramps play
The municipal market experienced slight weakness in secondary trading on Wednesday, with a focus on the Los Angeles Unified School District’s nearly $3 billion pricing for institutions. This performance was influenced by the rise in U.S. Treasury yields and mixed results in equities. According to GW&K Investment Management strategists, munis entered the second quarter in
UBS, a global financial services company, has stated that they do not expect the Federal Reserve to cut rates until September. They anticipate only two rate cuts this year, with the first one occurring in the fall. According to UBS, the yield on the 10-year Treasury note is projected to slide to around 3.85% by
The municipal bond market was primarily focused on the primary market as investors assessed several large deals, while the secondary market took a backseat. U.S. Treasuries showed improvement and equities rallied based on earnings reports. This dynamic created a scenario where new issuances were on the rise, leading to elevated muni yields, as noted by
Rockefeller Asset Management recently announced the addition of three new portfolio managers to strengthen its municipal investment strategies within its fixed income division. Scott Cottier, Mark DeMitry, and Michael Camarella, who previously managed the California Value Municipal Income Trust and the Trust for Investment Grade New York Municipals at Invesco, will be joining Rockefeller. These
UnitedHealth Group (UNH) saw a significant 16% increase in its stock following a strong earnings report, despite facing challenges such as the recent cyberattack on its subsidiary, Change Healthcare. However, recent market trends have begun to reveal cracks in UNH’s once robust rally. Two key technical indicators suggest a bearish bias on UNH: the Relative
UBS recently adjusted its forecast for the USD/PLN currency pair, taking into account significant factors such as changes in the Federal Reserve’s interest rate outlook and escalating tensions in the Middle East. The firm now predicts that the exchange rate will reach 4.10 in the second quarter of 2024, gradually decreasing to 3.92 by the