Investing with Insight
At Appleton, we value active engagement and interaction with financial advisors and clients. Investing with insight helps us meet client objectives. And by sharing our economic and market perspectives, we foster deeper relationships. Here’s what we’re talking about this month.
Categories
Appleton Market Minute – June 2026
“A series of short discussions aimed at sharing insight and perspectives concerning the municipal and taxable fixed income markets. This episode will focus on the municipal yield curve and opportunities we see for advisors and their clients. “
Review and Outlook
"The signing of a Memorandum of Understanding with Iran on June 17th may leave a lot of questions unsettled, and in the weeks since it has mostly held although tensions in the Middle East remain high and periodic flare-ups have occurred. But it provides the basis for a more stable ceasefire, and for negotiations toward a lasting peace..."
"May was a volatile month for Treasuries, with the 10Yr peaking at 4.68% and the 30Yr hitting its highest level since 2007, at 5.30%, before receding by month-end. Yields soared globally after a Japanese wholesale inflation report came in significantly hotter than expected, +2.3% on the month vs. +0.8%, on surging oil and commodity prices. Japan is the largest foreign holder of U.S. Treasuries, and the prospect of potential higher domestic yields changed the breakeven for holding overseas bonds, pressuring sovereign yields worldwide..."
"April’s inflation data began to show the impact of the war in Iran, though so far it is narrowly contained. CPI was in-line at +0.9%, the highest reading since Covid, though encouragingly expectations fell as we got closer to the release, and core inflation came in a tenth lower at +0.2%. There is evidence of (very limited) consumer pullback in the most discretionary of categories..."
Economic and Market Commentary
"Uncertainty is the norm in the capital markets, yet municipal bond investors have recently been forced to grapple with unusually high levels. Record YTD net issuance, monetary policy questions, and a recent government shutdown have all led to unsettled markets..."
Quarterly Perspectives
Q2
"Human nature often drives us to project forward what has most recently occurred, a phenomenon known as recency bias. Placing too much emphasis on the immediate past can distort our perception of the future. Behavioral finance tendencies of this nature are pervasive, and the last several years offer a good example..."
Q4
"Psychological barriers often present financial planning challenges and managing one’s emotions can be a key ingredient in achieving long-term success. This dynamic typically considers factors such as accepting risk as an inherent element of return and in finding a balance that makes your personal asset allocation strategy effective..."
Q3
"Noteworthy years in the stock market tend to be associated with specific events or themes. For veteran investors, 1987 invokes memories of “Black Monday,” while 1999 to 2001 will be forever linked with the “dot com” boom and bust. While not quite as dramatic as those periods, this has been the year of artificial intelligence (“AI”), a technology that has surged into the public consciousness and rippled through the economy..."
January Offers Headline Inflation Relief, Although Concerns Remain