In the 2Q 2018 issue of our quarterly publication, we:Provide a round-up of yields across the muni spectrum, noting that 2Q offset 1Q and brings 2018 municipal bond markets back to even… for now.Offer our outlook for 3Q, framing it in terms of our core narrative.Explore the pros and cons of investing in New Jersey’s state and local tax-exempt bonds.U.S.
In the 1Q 2018 issue of our quarterly publication, we:Explore how variable rate demand notes (VRDNs)—a type of municipal bond—may have the potential to perk up a bland fixed income diet and are an important part of a well-balanced portfolio.Look back on municipal bond market performance and supply/demand in 1Q.Provide a round-up of yields across the muni spectrum, and an outlook for 2Q, framing it in terms of our broader core narrative.
Our 2018 forecast for markets, economies, and portfolios.
The U.S. economy — late-cycle emergence
Inflation and growth — global-U.S. divergence
Valuations, yields, and volatility — alternative resurgence
Signs points to the U.S. economy being near or in a late (or pre-recession) stage, yet stock market valuations are elevated and inflation is inexplicably soft. Our investment team shares its outlook for the U.S.