Summary: Technical factors have kept muni yields low this summer resulting in relatively expensive bonds v. other options.
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.