Tax Efficient Fixed Income 2nd Quarter Commentary

This commentary reviews the previous quarter and discusses our outlook for the months ahead.

Commentary Highlights

• Municipals benefited from continued supply-demand technicals in the 2nd quarter.  Yields fell and the curve flattened despite indications of future tapering from the Fed.

• Rising short term yields and changes in money market rules may provoke the need for alternative cash management solutions for private investors.

• Budget debates went into overtime in several states, with important developments in Illinois, Connecticut, and Pennsylvania impacting state credit profiles.

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