As active investors, we view these periods of volatility as opportunities to add high-quality intermediate bonds at attractive relative valuations. This quarter was no exception.
We intentionally maintain a high level of liquidity and flexibility within portfolios to capitalize on opportunities as they arise.
Muni credit spreads held up well during the March selloff. The Revenue Bond Index outperformed the GO Bond Index, as spreads across each investment-grade rating category tightened during the quarter.
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National Muni Bond Strategy Commentary
The municipal bond market began the year on a constructive footing. The Fed had resumed its easing cycle in late 2025 and shifted its focus toward a softening labor market. Municipal
