BAF - Positives In The Current Rates Reality: Municipal Basis Points - Q2 2018
By James L. Iselin, Head of Municipal Fixed Income
"The difference between death and taxes is death doesn't get worse every time Congress meets." - Will Rogers
The municipal market had a somewhat bumpy start to the year. Intermediate- to longer-dated securities posted negative returns for the quarter while shorter-dated bonds fared better and were able to squeeze out slightly positive returns in most instances. The big driver of the downturn was simple: rising interest rates. The Treasury market began to sell-off in January as better economic data both in the U.S. and abroad led