BFZ - Seaworthy Through The Storm: Municipal Basis Points - Q1 2018
By James L. Iselin
The income tax has made liars out of more Americans than golf.” - Will Rogers
Municipal bond returns were positive across the yield curve in 2017, with particularly strong results on the long end of the market. As you may recall, one year ago the bond market experienced a sharp sell-off right after the presidential election as interest rates rose sharply on the belief that President-elect Trump's pro-growth policies would lead to an uptick in inflation. In addition, concerns around income tax reform caused uncertainty in the municipal bond market as