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 | Jun 13, 2025 | Blog, Charts
Our team looks at a lot of research throughout the day. Here are a handful that we think are good summations of investor activity, from strategist chasing to inflation, earnings and the economy, to international comps and beautiful bills. Enjoy! Brett: As is...
by Aptus PM Team | Apr 13, 2023 | Blog, Bonds
Core CPI was in line with a softer shelter print (shelter/OER came in at 0.45%), but the headline was a little soft as energy declined, food was flat. The big question is how will the Fed view this number? Source: Macro84. As of 4/12/23. Core still at...
by Aptus PM Team | Mar 21, 2023 | Blog, Bonds
Municipal Spreads are Lacking Luster Spreads on short municipal paper (10yrs and in) are well inside their historic averages. Source: UBS. As of March 17th, 2023. Municipal Supply Remains Tight The expected muni supply coming to market is...
by Aptus PM Team | May 26, 2022 | Blog, Bonds
Municipal bonds have been thrown out with the bathwater since the beginning of the year as the Fed gets serious about taming inflation and in turn the market pushing interest rates higher. The decline in price (and increase in yield) could make the current landscape...
