Municipal Fixed Income Investment Strategy, October 2024
October 14, 2024 — Sage provides an outlook for the municipal market, including our sector views and positioning and the key themes we are following.
Key Themes
- The municipal market continues to be characterized by broad-based credit strength, positive direct and indirect fund flows, and an attractive after-tax yield environment.
- Several seasonal factors will define the fourth quarter, contributing to varying levels of liquidity and the potential for short-term volatility swings.
- Sage has a slightly long duration tilt for all our investment strategies, and if rates decline, Sage’s barbell allocation should mitigate the challenge of an inverted 2s5s yield curve while providing a better return profile.
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