Research.LeutholdGroup

U.S. Quality Corporate Bonds & Munis Rated Favorable; High Yield Bonds Rated Neutral.

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U.S. Quality Corporate Bonds & Munis Rated Favorable; High Yield Bonds Upgraded To Neutral

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High grade credit spreads were unchanged...Risk-on rally for high yield is getting to a mature stage...Tax advantage offered by munis make them attractive.

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High grade credit spreads narrowed slightly, which served as a nice volatility dampener in the fast changing risk-on/risk-off environment.

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Their relative cheapness, combined with the prospect of higher tax rates, certainly makes Munis more attractive now. But we’ll wait for interest rate volatility and outflows to subside before turning bullish on Munis.

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The relative cheapness combined with the prospect of higher tax rates certainly makes us much more interested in Munis now. But we’ll exercise patience, waiting for the negative headlines to fade and interest rate volatility to subside before turning bullish on Munis.

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