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FMNY - Municipals: The Fed Has Spoken Loud And Clear
First Trust New York Municipal High Income ETF
Summary
As the Fed steps away from being the largest buyer of longer-maturity Treasuries, new buyers will have to step in to fill this void, which may lead to continued volatility in longer-term U.S. Treasury rates.
Amid the recent spike in rates, the volatility of lower-coupon bonds increased as some bonds became subject to de minimis tax implications—a negative tax consequence as their prices fell below 100 rapidly.
In our opinion, active professional management should continue to add meaningful value and outperformance versus passive strategies.