April 11, 2014 Market Update

US Treasury yields registered their largest weekly drop since early February, driven by dovish minutes from the March Federal Reserve Open Market Committee meeting and equity market weakness. With the technology stocks at the epicenter of the equity storm, major indices fell nearly 3% last week. As Q1 earning season begins in earnest this week, … Read more

Secondary Muni Market Tutorial

  The above video, produced and published by Fidelity Investments, provides an excellent primer on the unique characteristics  and functioning of the secondary market for municipal bonds. Historically, many qualified investors have been intimidated by investing in the municipal bond market because of its relative lack of transparency, which is well articulated in the video … Read more

April 4, 2014 Market Update

US interest rate markets ended the week relatively unchanged. Short interest rates marginally outperformed long dated maturities, steepening the yield curve in the process. The week’s highlight was the monthly payrolls report, which failed to match market expectations. With +192,000 jobs created in March, the payroll report failed to reflect the outsized, weather-induced bounce that … Read more

March 21, 2014 Market Update

Last week’s meeting of the Federal Open Market Committee (FOMC) produced a more hawkish tone than anticipated, driving interest rates higher and flattening the yield curve in the process. Between the Fed’s summary of economic projections and Chairwoman Janet Yellen’s remarks following the meeting, the FOMC suggested a shorter timeframe for rate hikes than the … Read more

March 14, 2014 Market Update

With military tensions rising over the Ukraine saga and geopolitical posturing dominating the headlines, Treasury rates rallied across the yield curve last week, with 10 year yields falling 13 basis points to 2.66%. Though Cold War-era rhetoric remains high, there are indications that the threat of military action is becoming less likely. As such, we … Read more

WSJ: Muni Bond Costs Hit Investors in Wallet

Municipal bond investors should be well familiar with the potential pricing abuses that can take place in the municipal bond market, due to fragmentation and inefficiency. Yesterday’s WSJ article ‘Muni Bond Costs Hit Investors in Wallet’ highlights, yet again, why professional management of muni portfolios is so important—not only for the sake of trade execution … Read more

February 28, 2014 Market Update

With the Ukrainian situation very much in focus, Treasury rates moved mostly lower last week. The yield curve exhibited a flattening bias, as longer dated maturities registered the biggest declines. For the week, 10 year treasury yields closed at 2.65%, a drop of eight basis points from the prior week, while two year yields were … Read more

February 21, 2014 Market Update

Interest rates were relatively range-bound last week, despite a string of disappointing economic releases. With severe weather across the country having an outsized impact on the economy of late, market participants have been treating the weak data with a high degree of skepticism. We suspect there is further room for data to disappoint relative to … Read more

Important Considerations When Selecting Investment Advisers

To download a printable version of this Perspective, please click here. For most investors, fixed income is an important component in a balanced investment portfolio. For high net worth investors, we view it as the most important component. We place an unobstructed focus on protecting and enhancing wealth by minimizing exposure to unnecessary risk. As an asset … Read more

The Tax Exempt Yield Curve: Revisited

Last July we opined on the steepness of the municipal yield curve and some interesting income opportunities that were available as a result (Steep Yield Curve Presents Income Enhancing Opportunities 7/30/13).  With tax exempt yields continuing to rise in August, we wanted to once again highlight some noteworthy developments across the yield curve.