Municipal 4Q20 Market Review & Outlook

Despite the dire predictions of massive municipal budget deficits in 2020, only a few areas of the municipal market experienced fiscal challenges that required additional federal support. With the economic recovery in full swing, income tax, sales tax, corporate tax, and ad-valorem property tax have stabilized and continue to improve. Sage remains focused on maximum tax-free income, solid credit fundamentals, and favorable risk-adjusted returns.