Muni Think

Disruptions and dislocations associated with more volatile business cycles have already created opportunities for active fixed income management, as the dramatic interest rate increase of 2022 illustrates.

The federal government has set aside $12 billion to help rebuild Puerto Rico's grid. If used effectively to rebuild a greener and more resilient grid, this federal lifeline can be a substantial downpayment toward affordable, reliable, cleaner energy for Puerto Ricans.

The demographics of the public-sector workforce are likely to change, even as many state and local governments consider increasing wages and improving other benefits to attract and retain employees.

The Oversight Board and the other PREPA parties are attempting to create precedent that frontally attacks not only PREPA bondholders and their insurers but also municipal revenue bond finance and basic bankruptcy jurisprudence.

Prior to last year, there were varied expectations from investors that led to confusing directions and expectations for issuers. In other words, there was a lack of consistency from investors on ESG matters.

Exploring why some call 2022 "the year of the great reset" and what that may mean for the muni market this year.

Some industry observers still question the need for machine-readable municipal disclosure.

It is not clear whether FOMC members truly believe their higher inflation and interest rate forecasts, or if they are being overly hawkish to prevent further market exuberance.

While the MSRB's compliance resources are not a rule and it has not been filed with the SEC, one can infer that following the same will be beneficial should the SEC inquire.  

The municipal dealer community supports market transparency. The proposal before Congress, however, is poorly conceived, has few if any market supporters, and has the potential to be very expensive.