by Aptus PM Team | Sep 18, 2025 | Blog, Bonds
The Federal Reserve cut interest rates as expected by a quarter point, to a stated range of 4.0-4.25%. This marks 125 bps in reductions since initiating the cutting cycle last September, but was the first cut since December. The long pause was in response to fears of...
by Aptus PM Team | Sep 12, 2025 | Blog, Bonds
CPI came in a touch hotter than expected in August, with the headline rising 0.382%, rounding to 0.4%, and the core rising 0.346%, rounding down to 0.3%. The consensus was 0.3% for both. The YoY CPI inflation rate rose from 2.732% to 2.939%, while the core YoY rose...
by Aptus PM Team | Aug 25, 2025 | Blog, Bonds
We wanted to put together a note to discuss the recent underperformance of municipal bonds relative to their taxable brethren (MUB vs AGG, shown below). Tax-free bonds have faced a number of headwinds throughout 2025, and even with the decline in interest rates, they...
by Aptus PM Team | Aug 22, 2025 | Blog, Bonds
Fed Chairman Jay Powell finally delivered his long-anticipated address to leading economists and academics. A few quotes that caught our attention, not to mention the market’s attention: “In the near term, risks to inflation are tilted to the upside, and risks...
by Aptus PM Team | Aug 15, 2025 | Blog, Bonds
Headline CPI rose 0.20% in July, in line with economists’ expectations. The YoY rate was unchanged at 2.7%. After two warmer months, food prices inched up just 0.05%. Energy prices were also cooler in July, declining -1.1% on a -2.0% drop in motor fuel CPI and lower...
by Aptus PM Team | Jul 31, 2025 | Blog, Bonds
The Fed left rates unchanged for its 5th straight meeting — keeping the fed funds range 4.25%-4.5% which was widely expected. Governors Miki Bowman and Chris Waller dissented in favor of a 0.25% cut. It was the first double-dissent by governors since 1993. ...
