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…)
Posts Tagged ‘Municipal bond’
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…)
Another Step Closer
Another month, another Letter. I appreciate your readership, particularly in these times of seeming sameness. No body likes to throw cold water on good times, my self included. (more…)
Stocks, Bonds & Optimism
Years ago, in the middle of the raging bull market of the late 1990s, I taught a bond class in SMU’s continuing education program. One notable feature I highlighted in the class was how bond performance had matched stock performance since the beginning of the bull market in the early 1980s.
“Welcome To The Everything Boom”
The July Letter almost didn’t make it as the same old, same old markets continued their gravity defying ways. On July 7th however, The New York Times saw fit to publish this headline as their front-page lead: “From Stocks to Farmland, All’s Booming, or Bubbling.” (more…)
The Mood of Municipal Bonds
When one thinks of municipal bonds, generally the next thought is…boring. Bonds are usually boring; adding municipal to the mix should make them more so. Bonds have a job to do and for most of the past several decades they have performed. Primarily we have the trend to thank. (more…)
Scratching & Clawing
My firm belief that market conditions will (eventually) change gives me the optimism to approach each day as if today is that day. Then comes my monthly Municipal Market Letter writing day and of course it seems as if nothing has changed…ever. The first quarter of 2014 is gone and what has changed? While I know that this is not altogether true, the mileposts seem to be moving hardly at all. (more…)
A Point & Click World
I found myself thinking I have lived through this time before. Stocks are at all-time highs (again), homes are being torn down for new ones (again), internet stocks and their firms are cool (or hot, again) and the idea of trading municipal bonds via point and click is not only a reality but seemingly continues to gain momentum. (more…)
The Great Wait May Be Over
The optimism, the good news, the earnings reports and everything else wonderful has culminated in the beautiful rise in stock prices. Climbing the Wall of Worry? There is no worry as this one way freight train moves only in one direction smashing all the remaining bears with it.
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Any Further Than I Can Throw Them
Crippling debt is not a problem for companies, governments, municipalities or even individuals until the day it is a problem. The power of greater leverage can be downright amazing and spectacular. But when it comes to your money I no longer believe the risks associated with leveraged issuers are worth the reward. (more…)
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