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Fixed income
Taxable municipal bonds: silver linings
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The fallout from the U.S. administration’s tariff regime continues to send shockwaves through markets. Uncertainty around policy will likely continue to drive market and geopolitical volatility, and has complicated the U.S. Federal Reserve (Fed) rate cutting path. While uncertainty and volatility impact several asset classes, we see opportunities in taxable municipal bonds to play an important role in diversified portfolios.
Key takeaways for Q2 2025
- Taxable municipal bond credit profile strength helped outperform most fixed income indices during the first quarter.
- Credit spreads widened throughout the quarter and gained further momentum in March as tariff related volatility raised concerns of a slowing economy.
- Municipal credit should remain resilient in a slowing economy and outperform corporates, bolstered by fundamental strength and a favorable technical environment.
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