Summary: Munis are not on sale this summer as the overall supply / demand technical imbalance wrestles yields lower. Yields for Illinois, Connecticut and New Jersey not getting the love.
Summary: To date, June 2019 ETF fund flows show a shift from extreme short end to intermediate treasury bonds and a shift back to incremental yield asset classes like investment grade corporate bonds. Out of favor are floating rate products as the Fed’s potential actions impact floating rate bonds negatively.
Summary: Within munis, JR shifts focus from investment grade munis towards high yield munis as we enter Q3 2019.
Summary: JR stands pat on the high yield ETF model portfolio allocations for the 3rd quarter of 2019. Muni allocation remain 60% v. 40% allocation toward corporate junk bonds.
Summary: High grade municipal bonds remain expensive relative to other options. JR dives into the data.
Summary: Major money flows in and out of bond ETFs can tell us a lot about investor sentiment and create opportunities for tactical ETF investors.
Summary: Investment grade munis continue their march to the rich side relative to U.S. Treasuries, Corporate bonds and certificates of deposit.
Summary: Munis appear rich relative to other fixed income options. JR defines the trend.
Summary: Are munis a better option than CDs? The dynamics have shifted.
Summary: Munis have not performed as well as corporates but their yields also have not shown as much relative value v. U.S. Treasuries and corporate bonds as they have in the past.