2018 Quarter 2 Review: Individual Tax-Exempt Bond Strategy
Municipal bonds outperformed all US traditional fixed income asset classes during the quarter, as most key fixed income indexes recorded flat to marginally positive returns. The municipal bond market continued to benefit from elevated demand and limited supply, which caused municipal rates to remain depressed relative to taxable fixed income bonds yields. Broadly speaking, lower-credit-quality (BBB-rated) bonds outperformed higher-quality (AAA- and AA-rated) bonds during the quarter, while longer maturity bonds fared better than their shorter-maturity peers.
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