Investor Account Access
Investor access to Shareowner accounts and Closed End Funds accounts.
Recent market activity has been marked by increased volatility. In the US, this has been mainly driven by growing concerns about the trajectory of the US economy, particularly in light of the erratic statements from President Trump with regard to tariffs. Additionally, the latest economic data has been disappointing. Consequently, the market's expectations for US growth for the current year have been revised downwards. With near-term inflation still well above the Fed’s target and consumer expectations of rising inflation (primarily a function of tariffs), the Fed will likely be forced to hold rates higher for longer to ensure that inflation expectations stay anchored. But, through the course of this year, we believe it will be able to reduce interest rates.
Unlike the US Treasury curve, the tax-exempt curve remains significantly positively sloped, leading to elevated yields in core and longer-duration municipal strategies. The high yield municipal market, in our view, displays a potential opportunity to provide not only tax-efficient dividends, but also pockets of price appreciation found in select sectors and security themes. In general, we expect credit stability in 2025, with potential policy shifts creating both credit negatives and positives. Some of these policy impacts may be felt in port issuers: broadly applied tariffs could impact bottom lines; hands-off energy policy could benefit traditional energy-producing local agencies and states; and Medicaid and Medicare reimbursement eligibility rate shifts could negatively impact smaller regional health care systems.
In February, markets showed that love is in the air: despite new tariff announcements, inflation risks, and the DeepSeek shakeup, positive market sentiment continues to prevail. In Europe, equities reached new all-time highs, and in the US, there is evidence of a broadening equity rally, as the dominance of the Magnificent Seven may be starting to fade. However, uncertainty remains at extreme levels, with renewed fears emerging following the higher-than-expected January Consumer Price Index, which recorded its fastest increase in a year and a half, and some weak US economic data.
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