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MUNI - How Can Muni Investors Capitalize On Yield Curve Conditions?
PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund
2024-03-27 08:05:00 ET
Summary
While the U.S. Treasury yield curve remains inverted, we believe that the spread between 2-year and 10-year yields peaked in June 2023.
During the reversal of an inverted yield curve, short-term yields fall faster than long-term yields.
Parallel to the barbell strategy, the roll-down strategy focuses on the intermediate portion of the municipal bond curve, which has recently re-steepened.
The shape of the yield curve is creating tactical opportunities - these two strategies can help municipal bond investors capitalize ahead of the Fed's potential easing cycle. ...