CARING FOR CLIENT PORTFOLIOS,
OUR DEDICATION TO MARKET RESEARCH UNDERSCORES OUR MISSION TO PROVIDE OUR CLIENTS WITH THE MOST INFORMED AND STRATEGIC INVESTMENT SOLUTIONS IN THE MUNICIPAL BOND MARKET. THROUGH RIGOROUS RESEARCH, DATA ANALYSIS, AND A TEAM OF EXPERTS WITH DEEP INDUSTRY KNOWLEDGE, WE CONTINUOUSLY STRIVE TO DELIVER THE HIGHEST LEVEL OF SERVICE AND EXPERTISE. OUR STEADFAST FOCUS ON MARKET RESEARCH AND MUNICIPAL BONDS POSITIONS US AT THE FOREFRONT OF THE INDUSTRY, ENSURING THAT OUR CLIENTS BENEFIT FROM UNPARALLELED INSIGHTS AND OPPORTUNITIES FOR SUCCESS.
BOND BY BOND
PORTFOLIOS,
CARING FOR CLIENT
CARING FOR CLIENT PORTFOLIOS
MARKET COMMENTARY
January began with a stronger-than-expected employment report, which showed job gains of 265,000, the largest increase since March 2024. The upside surprise led to an initial move higher in yields to start the month. Broader economic data released throughout the month painted a picture of a resilient economy—real GDP grew at an annualized rate of 2.3% in the fourth quarter, while the labor market appeared to stabilize, with the unemployment rate ticking down to 4.1%.
QUARTERLY MARKET UPDATE
Q1 2025
COMPANY NEWS
As Asset Preservation Advisors celebrates 35 years of bespoke municipal bond portfolio management, its new office at 400 Madison Avenue, Midtown Manhattan, enhances the firm's ability to serve ultra-high-net-worth clients in a premier global financial center.
APA EXPANDS TO NEW YORK
WHITE PAPERS
The August 2023 wildfires on the island of Maui in Hawaii killed at least 115 people, with another 388 individuals unaccounted for. Damage caused by the fire is estimated at almost $6 billion. APA’s research group includes climate risk in their review of the underlying credit while also monitoring the widespread impacts of natural disasters.
IS IT SAFE?
BY MATTHEW RIGGLE
PUBLICATIONS
The pessimism from investors who bet on office buildings and mass transit can be seen in market signals that are flashing red.
WALL STREET SOURS ON AMERICA’S DOWNTOWNS
THE WALL STREET JOURNAL
PERSPECTIVES
MUNICIPAL CREDIT OUTLOOK: ASSESSING STABILITY AMID FEDERAL FUNDING AND TAX POLICY UNCERTAINTY
The municipal market plays a crucial role in the infrastructure of the United States. The $4 trillion municipal market has been partially funded through the Federal government's provisions, which are currently facing uncertainty given recent budget reconciliation talks. The potential reduction of Federal funding, coupled with ongoing discussions regarding the tax-exempt status of municipal bonds, introduces fiscal considerations that warrant close examination. While a reduction in this funding poses potential credit risks, we believe that strong financial positioning and prudent fiscal management will allow most municipalities to weather these changes.
