In his recently published municipal market update, Baird's Duane McAllister discussed the following first quarter developments:
- Rates have declined and the curve has steepened, defying market expectations
- New municipal supply is below year-ago levels as refunding volume has slipped
- Market inflows continue as demand easily matches new issuance
- Puerto Rico and Chicago dominate the municipal credit headlines
- Tax reform has been a secondary issue in the Presidential race, so far
Please click here to read the update.