Macroeconomic pressures characterized the market during the third quarter of 2022, as investors and issuers continue to grapple with a rising rate environment. Treasury and MMD yields continue to rise from the pandemic-era lows and the Federal Reserve Board has indicated it will maintain its aggressive monetary policy tightening until inflationary pressures are in check. Consensus estimates expect eight rate hikes during the remainder of 2022 and through 2023 to an implied rate of 4.97 percent by year end 2023.
Our Municipal Market Update is a data-driven report that is intended to give you an overview of key metrics affecting both the taxable and tax-exempt municipal bond market. It is written for those making credit and investment related decisions for municipalities and non-profit institutions. If you have additional questions or would like to learn more about our municipal advisory and investment banking services, visit our Municipal Advisory page and contact Michael Stone, CFA.
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