Tax Efficient Fixed Income 3rd Quarter Commentary

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

Commentary Highlights

• Low new issue supply, combined with strong demand drove municipal performance throughout the third quarter.
• Washington shifts its focus to tax reform efforts after healthcare legislation fails to find a path forward.
• The Fed raised rates and announced plans to slowly unwind the balance sheet, while speculation ensues around the next nominee for Fed Chair.
• Hurricane season brought devastation to Texas, Florida, Puerto Rico, and other areas of the United States.

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