- Treasury yields moved slightly higher in a mostly directionless week after a week of more conviction. Important economic data were and will likely continue to be heavily caveated by hurricane-related effects.
- Hurricane Harvey’s impact on Texas credits is broadly manageable.
- Virgin Island’s credit rating withdrawn by S&P and Fitch on lack of on-going disclosure.
- Moody’s comments that the impact of deferred state and local infrastructure capital expenditure is likely to be higher costs in the future.
- Puerto Rico bond prices thrown for a loop on seemingly haphazard comments. S&P Puerto Rico Total Return Index was -8.3% two weeks; -15.2% YTD.
This article was written by
About our authors: William A. Delwiche, CMT, CFA Investment Strategist Willie Delwiche is Baird’s Associate Investment Strategist. Before joining Baird in 1999, Willie worked briefly as a researcher at the Committee for Economic Development, a Washington, D.C., pro-business think tank. Willie received a BA in economics and in government and politics from the University of Maryland and an MA in economics from the University of Wisconsin – Milwaukee. He is a member of the Market Technicians Association and the American Economics Association. Mary Ellen Stanek, CFA Managing Director Director of Asset Management Mary Ellen Stanek, CFA, has 35 years of investment management experience. She currently serves as Managing Director and Director of Asset Management for Robert W. Baird & Co. and Chief Investment Officer of Baird Advisors. Additionally she serves as President of the Baird Funds. Previously she had served as President and CEO of Firstar Investment Research & Management Company. Mary Ellen is responsible for the development and portfolio management of all proprietary asset management services. She co-manages several fixed income mutual funds as well as a number of taxable and tax-exempt portfolios. Mary Ellen is a member of The CFA Institute, the CFA Society of Milwaukee, the Greater Milwaukee Committee (Chair), Milwaukee 7 (Co-Chair), Tempo (past President) and Professional Dimensions.