Municipal Fixed Income Perspectives — October 2023
October 17, 2023 — 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
- Waiting on the Lag — Tighter monetary conditions and fading stimulus will hurt growth and challenge the soft-landing narrative in the coming months.
- Credit Risk vs. Rate Risk — A challenging economic outlook, yield cushion against any further hikes, and unfavorable valuations in risk assets make rate risk the less worrisome risk.
- Liquidity Drought — Issuance and QT will keep the bias toward shrinking liquidity after the market has ridden the wave of excess liquidity for years.
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