When Michael Flynn, a retired three-star general, appeared to back calls for a coup last week, critics accused him of defying military deference to civilian authority, a tenet that is central to the ethos of the armed forces. Flynn subsequently disavowed any support for a coup.
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By Jim Colby, Portfolio Manager and Strategist, Municipal Bonds
No, your eyes do not deceive you. Municipal bonds have not only recovered, posting positive returns in Q4 of 2020, but they have also continued to generate positive returns through the first four months of this year.
We always look to fundamentals to explain the behavior of the muni bond market. The following elements are now and we believe for the foreseeable future supportive of investor commitment to the municipal asset class:
Weekly flow of $1 billion or more into municipal funds, ETFs and separately managed accounts: The demand-supply discussion is not new. While new issues will continue to be plentiful, the current rate environment now leads to a new-issue blend of taxable and tax-exempt bonds. This may diminish reinvestment opportunity for tax-exempt dollars, leading to a narrowing of spreads all along the yield curve and generating positive returns.
Military Officer Fired Over Criticism of Marxist Ideology Creeping Into Armed Forces redstate.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from redstate.com Daily Mail and Mail on Sunday newspapers.