Revision Fatigue
August 4, 2025 — Markets are showing signs of revision fatigue — and for good reason. The July payroll report not only missed expectations but also revealed a troubling pattern of downward revisions across 2025. With labor data increasingly at odds with the Fed’s patient stance, investors are left to question whether policy is already behind the curve. The implications for rates, risk assets, and recession probabilities are growing harder to ignore.
Featured Insights
Municipal Fixed Income
Municipal Risk Paradox: Safety and Risk Sectors Simultaneously Outperforming
July 30, 2025 -- In a surprising twist, both high-grade and high-yield municipal bonds are outperforming — simultaneously. This rare alignment . . .
Fixed Income
Cracks in the Consensus: Testing the Fed’s Unity
July 28, 2025 -- The Federal Reserve has long projected an image of unity and stability — but that perception may soon be tested. As political pressures mount and leadership...
Municipal Fixed Income
Municipal Bonds That “Put” a Little Extra Income In Your Pocket
July 28, 2025 -- Bonds with mandatory put features — which require the issuer to repurchase the bond before final maturity — are gaining traction, offering investors . . .