Interest rates are moving higher. While markets do not move in a straight line, they do move consistent with the trend. The trend for interest rates is up and the ramifications for investors worldwide will probably be huge. (more…)
Archive for the ‘Municipal Market Letter’ Category
Greece, China and Puerto Rico, Oh My!
The mile markers continue to move on by. Kicking the can down the road appears to be running out of steam and now people are truly being hurt as real losses are now affecting millions of people. (more…)
Bond Interest Rates Jump…Finally!
Bonds are grabbing the headlines again and not in a good way. Long-term interest rates worldwide have jumped about one full percentage point, sending longer-term bond prices down across the board. Why this is the case is not important; the fact that bond values are evaporating is important. (more…)
Same Old, Same Old
Times, they may be a changin’, but it is difficult to tell by watching the bond market. New issues usually dominate bond market news and that continues to be the case. Corporate bond issuance continues on a tear while municipal bond issuance focuses on refinancings. Interest rates remain low. (more…)
Municipals, Bonds Without Peers
When will the Federal Reserve raise interest rates? This is the question investors want to know. Yet I will tell you, it does not matter. The market tells us interest rates began to rise in 2012; the market will tell us how fast interest rates rise from here. (more…)
Too Big To Sell
As a long-time reader you know that I believe the bear market in Bonds began in June 2012. This is a “considerable” length of time ago, to use the parlance of the Federal Reserve, but when you are describing the end of an almost thirty year bull market run for Bonds, well, the longer they are, the harder they fall. (more…)
Buy The Euro; Enjoy Your Trip
Hot on the heels of a plunge in oil prices, the Euro has quickly reached a twelve year low. From 140 in May 2014 to 111 last month, like the price plunge in oil from $107 in June 2014 to $44 last month, we have no idea of the economic disruptions that are now under way. (more…)
Considerable Time Over
Long-time readers know we have been waiting for expected change in the bond markets for a…considerable time. After all, we are in year three of a bond bear market, yet all we seem to hear from bond market participants are interest rates should remain low for a considerable time…until they no longer do. (more…)
Bigger Than A Tax Cut
In a low growth world, where demand is seemingly flat and supply seemingly available, how is it the price of oil has fallen over fifty dollars per barrel in less than six months? From $107 in June to $64 in December, crude oil prices have tumbled. This is not good news. (more…)
Now It Gets Interesting
The Dow shed 1500 points last month and all of a sudden we can focus on something other than congratulating policymakers on keeping stock prices high and bond yields low. The financial world has been changing in rather dramatic ways but as long as stocks levitated and defied gravity no one seemed to care. (more…)
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