Tax Efficient Fixed Income Market Commentary - July 2018

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Includes: AFB, BAF, BBF, BBK, BFK, BIL, BKN, BLE, BSD, BYM, CLTL, CXH, DFVL, DFVS, DLBL-OLD, DLBS, DMB, DMF, DSM, DTF, DTUL, DTUS, DTYL, DTYS, EDV, EIM, EIV, EOT, EVN, EXD, FLAT, FLMB, FMB, FMN, GBIL, GSY, HYDD, IEF, IEI, IIM, IQI, ITE, KSM, KTF, LEO, MEN, MFL, MFM, MFT, MHD, MMU, MNP, MQT, MQY, MUA, MUB, MUE, MUH, MUS, MVF, MVT, MYD, MYF, MYI, MZF, NAD, NEA, NEV, NIM, NMI, NUV, NUW, NVG, NXP, NXQ, NXR, NZF, OIA, OPER, PBND, PMF, PML, PMM, PMO, PMX, PRB, PST, PVI, PZA, RINF, RISE, RVNU, SCHO, SCHR, SHV, SHY, SPTL, SPTS, STPP, TBF, TBT, TBX, TFI, TLH, TLT, TMF, TMV, TTT, TUZ, TYBS, TYD, TYNS, TYO, UBT, UST, VFL, VGIT, VGLT, VGM, VGSH, VKI, VKQ, VMO, VTEB, VUSTX, XMPT, ZROZ
by: FieraCapitalUS
Summary

Municipals outperformed Treasuries as Treasury curve flattened.

10 year Treasury rate briefly surpassed 2011 levels.

Supreme Court ruled on three impactful cases for states.

State budget season concluded with less drama than recent years.

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