Commentary: Q1 Municipal Market Developments

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.