Municipal Fixed Income Perspectives — February 2024

February 12, 2024 — This presentation provides an overview of our market outlook and key themes, and it illustrates how Sage is positioned in the current environment.

Key Themes

  • Technical Factors Should Remain Supportive — There are $95.4 billion in maturity and coupon payments expected in the first quarter with limited new issue supply.
  • Credit Strength vs. Uncertain Rate Risk — Municipal issuers are well positioned to weather any economic slowdown, but rate volatility will be elevated as Treasury yields react to rapidly changing market factors.
  • “De Minimis” Tax Effects — The little-known pricing/tax risk regarding municipal bonds has caused performance volatility and altered return expectations.

  • DATE: February 12, 2024
  • TYPE: PDF
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