Summary: Despite the COVID cloud hanging over the municipal bond market, municipal bonds continue to rally and move into “rich” territory relative to corporate bonds.
Summary: Bond ETFs grew by over $212billion reaching $1,094billion in total assets.
Summary: Demand for munis push yields lower in the belly of the curve. Muni ETFs approach $63billion in assets.
Summary: Bond ETFs continue to collect assets as investor behavior continues to favor Investment grade bonds. Junk bonds (Risk-on) and inflation protection also do well.
Summary: Post election demand for tax-exempt municipal bonds sparks a rally in November.
Summary: “Risk-on” continues as cash flows into bond funds including junk.
Summary: Munis rally post-election as prospect of future higher taxes pushes demand higher.
Summary: The markets have shifted to “risk-on” as cash flows from U.S. Treasury bond ETFs and into junk bond ETFs.
Summary: JR spoke on the trends of active v. passive fixed income: facts v. the hype.
Summary: In a period of high volatility leading up to the elections, the appetite for municipal bonds has been waning. The result is muni yields continue to move in the wrong way, making investment grade munis relatively cheap v. corporate bonds.