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Municipal Market Commentary
In Like a Lion, Out Like a Lamb

The phrase in like a lion, out like a lamb is often expressed to describe the drastic change in the weather associated with the month of March as winter’s grip fades and milder spring-like temperatures pervade as the month progresses. For many veteran municipal investors another seasonal transition comes to mind, one where the price-setting influence of supply and demand begins to move from one extreme to another. For reasons discussed below, the municipal market often experiences regular periods of seasonality, which can be capitalized on by various investor groups. For investors which require tax-exempt income, patience could be rewarded as seasonal factors are poised to present a more benign environment from which to deploy capital, and for investors needing to put cash to work immediately, taxable municipal bonds presently offer better after-tax relative value. To continue reading, fill out the form below.

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