January 17, 2017
Munis Settle In...For Now
Munis strengthened and outperformed Treasuries for a second consecutive week, aided by reinvestment of maturing principal and coupon income (January effect), attractive ratios, and a strong new issue calendar of $8.74 bil. Muni mutual funds reversed eight consecutive weeks of outflows totaling $16 bil. that began following Trump’s surprise victory, posting inflows of $974 mil. BWICs were...
Preparing for the Bear Market:
Munis appear to have gained solid footing over the past two weeks and overall read fairly valued to somewhat cheap in spots on a relative and absolute basis and therefore, have some room to outperform for the time being. A “wild card” for Munis over the next several weeks and months will likely be...
We expect this week’s $9 bil. new issue calendar to be well received given good relative values and investors with ample cash. Chicago leads the negotiated calendar with $1.16 bil., followed by...
Please find attached Ramirez & Co.’s Quarterly Macroeconomic Outlook. In our report, we continue to monitor the US economy, global events and the Fed’s outlook on the economy and rates:
Members of our Financial Strategies Group, Niso Abuaf, Konstantin Semyonov and Duncan Sinclair, would be happy to discuss further any of the material with you.Full Quarterly Report