RVNU - Q1 2021 Credit Commentary: Back To The Past?

• Are we going to go back to the past, as economies around the world open and vaccinations and herd immunity take hold?
• At Cumberland Advisors, we see less near-term municipal credit risk, but we are a little cautious of weaker sectors and regions that may not receive aid or that have had their economies altered by the pandemic.
• Most municipalities learned from the financial crisis to be prepared for outlier events by establishing strong reserves and cutting back spending. We hope that fiscal responsibility continues despite the massive federal support at this time.

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