Since 1973, Cumberland Advisors has been a trusted source for market expertise, personal service, and individual and institutional money management. We are an independent, fee-for-service money management firm managing over $3 billion in assets.
Excerpt from… How Federal Tax Reform Has Impacted Real Estate The short-term effects haven’t been as bad as predicted, but local governments are still worried about the long term. by Liz Farmer | May 20, 2019 SALT change has driven some people to make moves and may be slowing some markets. A couple in Old […]
A positive tone continues for the credit quality of municipal bonds, and municipal performance has been strong as a result of low supply, high demand, and lower rates. (See John Mousseau’s “http://www.cumber.com/1q2019-review-tax-free-municipal-bond-a-shining-first-quarter-for-munis/.”) After some states reported revenues tracking well below projections in January, fears of a substantial drop-off in state tax collections are being allayed, […]
Excerpt from… Upcoming slate should see ‘plenty of demand’ By Aaron Weitzman Christine Albano Published April 18 2019 Next week’s calendar should benefit from timing and availability of paper coming on the heels of both the income tax deadline and the holiday-shortened week. Munis will be very much on the minds of lots of people […]
There have been headlines recently describing the drop in state tax revenues versus forecasts for some of the higher-tax states such as California, New York, and New Jersey. Part of the falloff is due to an exodus of higher-income residents from high-tax states, such as the ones above, for states with low or no income […]
Excerpt from… Deals pour in to slightly firmer market By Aaron Weitzman Christine Albano Published January 15 2019, 1:50pm EST New deals were rolling in, with timing benefiting issuers as the market firmed. Strong demand will likely lead to oversubscriptions on the Pennsylvania Housing Finance Authority deal after a significant portion of the longer maturities […]
In a move that caught many observers by surprise, the Federal Oversight and Management Board (FOMB), which was created to oversee the restructuring of the Commonwealth of Puerto Rico, has requested that Judge Swain invalidate more than $6 billion of the territory’s debt. The move would affect uninsured general-obligation bonds issued in 2012 and after. […]
Excerpt from… Climate change, a rising tide affecting the muni market By Sarah Wynn Published January 08 2019, 12:45pm EST WASHINGTON — Portfolio managers are feeling the heat when it comes to investing in bonds that could potentially be affected by climate change. Climate change has long been a point of political and social contention, […]
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 […]
Muni yields rose in the first six weeks of this quarter – mostly in sympathy with US Treasuries (UST). We saw the 10-year and 30-year Treasury bonds rise 20 and 25 basis points respectively. Since early November, AAA muni yields (AAA) have dropped across the board, and the 10-year Treasury yield has fallen a whopping […]
Here’s our first take after the midterm elections. The last three weeks of November have seen a bounce in the bond market, with intermediate and longer bond yields falling after spending most of 2018 rising. If we look at the US Treasury market (chart 1), we can see the rise in Treasury yields – […]
