A defining characteristic of the investment environment this year has been an oscillating market driven by a rapidly changing set of facts and overall investment narrative. We started the year with optimism that we would move beyond COVID-19 and enter a period of slower but more normalized growth. However, investor sentiment plummeted following an inflationary perfect storm.
March 17, 2020 —Financial markets have experienced extreme turmoil, with the damage not limited to the equity or taxable bond market. Typically viewed as a safe haven during times of stock market duress, munis have also experienced extreme levels of volatility that surpass 2008 crisis levels and are approaching October 1987 values.