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while many investors are aware of the “yield curve inversion” in the U.S. Treasury market, investors can gain significant incremental yield by focusing on intermediate and longer-term maturities in California municipal bonds due to the steeper municipal yield curve. (See Figure 2.)
Overview. California municipal bonds delivered value to investors by providing both tax-free income1 where applicable and strong relative performance compared to the broader municipal market over the ten year period ending March 31, 2023.
17 lip 2023 · The muni-curve inversion can be attributed to several factors, primarily the inversion of the Treasury yield curve mentioned above; the shape of the Treasury curve changed significantly after the U.S. Federal Reserve (Fed) raised its target for the fed funds rate by 500 basis points to combat inflation.
While technical factors, like supply and demand, can cause tax-exempt interest rates to behave differently from the larger bond market, tax-exempt municipal bond yields generally followed the upward trend of the overall fixed income market during the fiscal year.
27 mar 2024 · The shape of the yield curve is creating tactical opportunities - these two strategies can help municipal bond investors capitalize ahead of the Fed's potential easing cycle.
25 paź 2024 · California Municipal Bonds - October 25, 2024. California Yield Curve. This content requires the Adobe Flash Player. Get Flash. Real-time data on all CUSIPs, the latest muni bond news, the ins and outs of bond investing and track your municipal bond portfolio at the Premier site for Municpal bond investors.
When rates reached their peak in October 2023, munis reached a yield-to-worst of 4.46%, which was their highest level since 2009 and 1.87x the 14-year average. While current yields have fallen since October, they are still at relatively high levels.
