Municipals and the Federal Policy Agenda

An altered political landscape is likely to introduce significant legislative and fiscal policy change. How might this impact municipal investors? Anson Clough, CFA® speaks with Jenna Dagenhardt of Asset TV about the tax-exempt markets.

Review and
Outlook

July 2021

“Despite higher-than-expected transient inflation, the market appears to have faith the Fed is prepared to act to keep inflation in check…”

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June 2021

“The Fed – and we at Appleton – still believe the uptick in inflation will be transitory, but it will not fully pass until global supply chain pressures ease…”

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May 2021

“Substantial federal infrastructure investment in our communities is a strong positive for a municipal market already bolstered by the American Rescue Plan. Sectors such as Transportation, Airports, Education, and Water & Sewer are likely to be the biggest beneficiaries…”

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April 2021

“Curve steepening was pronounced with the spread between 2s and 10s rising from 57 to 98 basis points.  We welcome a more normalized curve…“

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Economic and
Market Commentary

03.16.2021

Uncle Sam Bolsters Municipal Budgets

“Passage of the American Rescue Plan was challenging, yet the outcome was clear in one respect – municipal budget conditions improved with the Bill’s signing…”

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03.03.2021

Municipal Strategy:
Actively Managing Times of Change

“Recent rate spikes have come off historic lows, and we believe the pace of rate pressure has unnerved markets far more than still low yield levels.  Appleton views market cycle adjustments as environments in which value can be found…and it is our belief that rising rates and other sources of volatility often allow active municipal separate account managers with research expertise to outpace passive approaches…”

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11.23.2020

Municipal Credit Observations – November 2020

“Our belief that larger issuers with diversified revenue streams, substantial reserves, and management acumen would weather the storm has so far proven to be the case. That said, credit vigilance remains imperative…” Learn More

08.25.2020

Corporate Credit Observations – August 2020

“We believe that despite today’s absolute level of rates, the corporate bond market still offers compelling relative value.  Despite record-breaking summer issuance, spreads continue to grind tighter as investor demand remains high…” Learn More

Quarterly
Perspectives

Q2 2021

Practical Reflections on Inflation

“For the sake of argument, let’s accept that inflation could be a risk. If so, how might this impact asset allocation strategy?”

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Q1 2021

Thoughts on Speculation, Market Integrity and Investor Trust

“Speculation is hardly new as the dot com frenzy of the late 1990s demonstrated, although certain stocks’ highly unusual trading patterns have raised questions about market stability and even integrity…”

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Q4 2020

Looking Ahead to a Post-Pandemic World

“What can we learn from these trying times? … This year has shined a spotlight on risk, most notably a need to proactively prepare for it.  As advisors, this speaks to several financial planning fundamentals…”

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Q3 2020

What’s in Your Index?

“We feel your primary benchmark should be your financial plan and that’s what we manage towards…while we often speak about “the market”, what matters most is how your portfolio works for you…”

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Video Briefs

May 2021

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December 2020

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August 2020

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May 2020

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