Tag Archives: muni bond market

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Q4 2018 Credit Commentary and a Look Ahead to 2019

Author: Patricia Healy, CFA, Post Date: January 8, 2019
Cumberland Advisors - Q4 2018 Credit Commentary and a Look Ahead to 2019

Has The Municipal Credit Cycle Plateaued? Many positive indicators suggest that the municipal credit cycle has yet to plateau. Upgrades continue to outpace downgrades; the US economy is still growing; federal tax reform boosted revenues in fiscal 2018; and rainy day funds or reserve levels in many localities are strong. However, pressures continue to confront […]

David Kotok Chairman & Chief Investment Officer of Cumberland Advisors, on markets, why munis are a buy, and outlook for bonds and markets.

Author: , Post Date: December 26, 2018
Cumberland's David Kotok on Bloomberg Radio

David Kotok Chairman & Chief Investment Officer of Cumberland Advisors, on markets, why munis are a buy, and outlook for bonds and markets. December 26, 2018 — 12:10 PM EST David Kotok Chairman & Chief Investment Officer of Cumberland Advisors, on markets, why munis are a buy, and outlook for bonds and markets. Listen Here: […]

Is the Municipal Bond Market Sleepy?! Pension Doomsday?

Author: Patricia Healy, CFA, Post Date: November 19, 2018
Market Commentary - Cumberland Advisors - Is the Municipal Bond Market Sleepy - Pension Doomsday

Today’s municipal bond market is anything but “sleepy,” as Spencer Jakab characterized it in his Wall Street Journal article “Prophet of Muni Market Doom Wasn’t Wrong, Just Early” (10/26/2018). The Prophet of Doom he referred to was Meredith Whitney, who shortly before the financial crisis successfully predicted the damage to Citibank by bad mortgages. In […]

Q3 2018 Municipal Credit Commentary

Author: Patricia Healy, CFA, Post Date: September 28, 2018
Market Commentary - Cumberland Advisors - Q3 2018 Municipal Credit Commentary

Updates, budgets, potential future stresses, state ratings, default study, and last but not least, storms Last quarter we focused our 2Q 2018 municipal credit commentary on two SCOTUS (Supreme Court of the United States) rulings. One allows states to collect tax on out-of-state internet sales while the other restricts public unions from requiring that non-union […]

More on Muni Credit

Author: David R. Kotok, Post Date: April 3, 2018
Cumberland Advisors Market Commentary by David Kotok

My colleague Patty Healy discussed the muni sector’s credit scoring and status in her recent quarterly commentary. See http://www.cumber.com/q1-2018-municipal-credit/. Readers who missed her missive may want to take a look at it, as it recites lots of evidence of upgrades and downgrades in municipal credit and why they happened. Patty is an expert on municipal credit. Let […]

Here’s why muni-bond demand could get a lift from bank legislation

Author: , Post Date: March 9, 2018
Cumberland Advisors John Mousseau

Excerpts below: As municipal bondholders continue their struggle to make sense of last year’s tax legislation, Congress is set to knock down one argument against participating in the $3.8 trillion market. Investors are expecting the Senate to pass a bipartisan bill that would include municipal debt in the coveted category of high-quality liquid assets as […]

A Short Note on Bank Muni Holdings

Author: John R. Mousseau, CFA, Post Date: March 8, 2018
Market Commentary - John Mousseau

The Wall Street Journal had a story on the front page of the “B” section Wednesday morning about banks getting some relief with regard to counting municipal bonds among their “liquid assets.” On Tuesday the Senate voted to formally debate a bill containing that provision, and it should have enough Democratic support to pass. The […]