Market Commentaries


October 2010

Municipal bond prices declined in October continuing September’s price slide. Bond yields in the 10 year range increased slightly, approximately 4-5 basis points during the month. Recent elevated bond issuance levels coupled with waning demand should p …


September 2010

Municipal bond prices declined and yields increased during the month as the powerful bond market rally of the last several months subsided. This trend translated, generally, into negative monthly performance for most municipal bond investors. New issue …


August 2010

Municipal bond prices continued their move upward during the month translating into lower yields on new issues and current market offerrings. The bond price rally has been powerful over the last three months resulting in month end municipal bond yield …

Market Commentary

August 2010

In response to the slowing recovery, the Federal Reserve announced yesterday that it would use yet another weapon in its arsenal to keep the economy from slipping back into recession. In addition to repeating its outlook of the last 17 months, that wea …

Municipal Market Update

July 2010

In this video briefing, Ronald Bernardi summarizes the key points of the market update below.The three prevailing bond market themes during the first half of 2010 were alternately annoying and unnervingly consistent:1.   Annoyingly low, nominal yi …

“The Cost of Waiting”

May 2010

In recent months, we have often heard the refrain from investors, “I’m just going to wait until interest rates rise.” and, in fact, many investors are waiting for Federal Reserve policy makers to raise interest rates before committing money to the bond …

Moody’s Recalibrates

April 2010

Moody’s recently announced it is changing its municipal rating scale to a uniform global scale. This change should occur by the end of April and will mean its municipal bond ratings will be directly comparable to the ratings it assigns to other bond is …

“Build America Bond Story”

February 2010

In this two-part video briefing, Ronald Bernardi summarizes the key points of the President’s Letter below. The 2009 municipal bond market was much kinder and gentler than the 2008 version and, as a result, some investors are falling back into the …

“One Year Later – What is Different Today?”

December 2009

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“All Roads Lead to Rome… or Should we say Washington”

May 2009

Read Article as PDF Omnes viae Romam ducant. Tutte le strade portano a Roma. All roads lead to Rome…or should we say, to Washington? For that will be the exact route for state and local governments to travel to raise capital for local infrastructure pr …

“We have met the enemy and he is us!”

November 2008


“Market Fundamentals are Different Today”

June 2008


“The Bond Insurance Debacle – “A Fine Mess”

February 2008

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“It was the Best of Times, It was the Worst of Times…” Bond Market Commentary

October 2007


“The Bond Market… Can Intimidate Everyone.” Municipal Market Update

August 2007