Market Commentaries
Market Review – Winter 2015
February 2016Market Update: As many market participants anticipated, on Wednesday, December 16th the Federal Reserve announced its first rate hike since 2006 increasing the fed funds rate to a range of 0.25% – 0.50%. Despite the news, municipal bond yields decrease …
Market Review – Winter 2015
January 2016Market Update: As many market participants anticipated, on Wednesday, December 16th the Federal Reserve announced its first rate hike since 2006 increasing the fed funds rate to a range of 0.25% – 0.50%. Despite the news, municipal bond yields decrease …
City of Worcester, MA
January 2016City of Worchester successfully issued $41.492 Million of Series 2015A General Obligation Municipal Purpose Bonds. The Bonds are rated AA-minus by S&P, Aa3 by Moody’s, and AA-minus by Fitch. The Bonds are being issued for the purpose of fina …
RE: “How Muni Bonds ‘Yield’ 4% in a 2% World”
November 2015By Ronald P. Bernardi Let’s slow down a bit before jumping to conclusions. Here are several observations about the October 30th, Wall Street Journal article How Muni Bonds ‘Yield’ 4% in a 2% World. Author Jason Zweig makes a valid point in asserting th …
Market Review – Fall 2015
October 2015Market Update: Municipal bond yields decreased during the third quarter with AAA 5-year, 10-year, and 20-year yields falling 10, 25, and 21 basis points, respectively. In mid-September, the Federal Reserve reaffirmed its view to maintain the target ran …
Market Review – Fall 2015
October 2015Market Update: Municipal bond yields decreased during the third quarter with AAA 5-year, 10-year, and 20-year yields falling 10, 25, and 21 basis points, respectively. In mid-September, the Federal Reserve reaffirmed its view to maintain the target ran …
Fiduciary and Suitability – Industry Standards, Investor Choice
September 2015By Ronald P. Bernardi When is a bond manager a good fit for you? What is the most economical way to pay for bond portfolio management services? Does the manager adhere to a fiduciary or suitability standard? What is the difference and does it matter to …
Municipal Bonds and Infrastructure Development – Past, Present, and Future
August 2015By Ronald P. Bernardi We thought you might find the attached white paper interesting. It is sponsored jointly by GFOA and IMCA and is authored by Justin Marlowe, professor at the University of Washington. The paper describes the important role tax-exe …
An Investor’s Duck Test
August 2015By Matthew P. Bernardi “If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck.” This straightforward method of reasoning can often help one gain a better understanding of the intricate – yet ubiquitous – financi …
Interest Rate Lift-Off?
July 2015By Jeffrey D. Irish It appears the Federal Reserve Bank is about ready to start raising short-term interest rates. What will happen to longer-term yields when the Fed begins the ‘tightening process’ is anybody’s guess. Anything can happen of course, bu …
Market Review – Summer 2015
July 2015Market Update: Municipal bond yields increased during the second quarter with AAA 5 year, 10 year, and 20 year yields rising 14, 32, and 34 basis points, respectively. Positive economic data, a surge in supply and anticipation of a rate increase by the …
Market Review – Summer 2015
July 2015Market Update: Municipal bond yields increased during the second quarter with AAA 5 year, 10 year, and 20 year yields rising 14, 32, and 34 basis points, respectively. Positive economic data, a surge in supply and anticipation of a rate increase by the …
Brillion, Wisconsin
June 2015City of Brillion successfully issued $2.645 Million of Series 2015B General Obligation Corporate Purpose Bonds The Bonds are Non-Rated The Bonds are being issued for the public purposes of financing street improvement projects; water system projects; s …
Market Review – Spring 2015
April 2015Market Update: Municipal bond yields ended the 1st quarter of 2015 relatively unchanged from prior year end. Municipal yields rose in February, partially offsetting the declines across the yield curve that occurred during the month of January. Durin …
Market Review – Spring 2015
April 2015Market Update: Municipal bond yields ended the 1st quarter of 2015 relatively unchanged from prior year end. Municipal yields rose in February, partially offsetting the declines across the yield curve that occurred during the month of January. Durin …