Muni Fortnightly - December 18, 2017

Dec. 25, 2017 2:07 AM ETMUB, NVG, NEA, IIM, NUV, NAD, PML, NZF, PMF, VMO, LEO, EVN, KTF, PMX, AFB, BFK, VGM, DSM, NXP, BKN, EIM, PZA, XMPT, IQI, BLE, VKI, PMM, VKQ, MVF, MVT, TFI, MYD, MYI, MUA, PMO, OIA, MEN, VTEB, EXD, MMU, BYM, BBK, DMF, KSM, MFM, MUE, MFL, BAF, MHD, BBF, DMB, MQY, MYF, EIV, MUH, NUW, NXQ, DTF, BSD, EOT, MNP, MUS, FMN, VFL, MQT, PRB, NMI, MFT, MZF, NXR, NIM, CXH, RVNU, FMB, PVI, FLMB1 Comment
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Summary

  • Treasury curve flattens more (2’s-10’s at 53 bps) after below expectations CPI data and FOMC Fed rate hike and stated intentions of three more in 2018. ECB and BOE sat tight.
  • Munis completed their volatile round trip from tax policy expectations and spike in issuance – AAAGO Ratio comes back to nearly where it began one month ago.
  • Bloomberg Barclay’s Municipal Bond market index total return was -0.54% in November (% 4.36YTD).
  • Private activity bonds spared in the tax bill; advanced refundings gone.

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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.
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