Economic & Market Commentaries

"The high-grade tax-exempt markets are typically characterized by relative price stability, particularly when contrasted with lower grade credits, let alone equities. But it’s been anything but the case so far in April, as extreme volatility has driven up municipal yields at an unusual pace. Advisors and investors are understandably looking for answers, and we aim to provide some below. The primary driver of this turbulence is a liquidity crunch, which has been exacerbated by the factors noted below..."

"Exchange-Traded Funds, or ETFs, have arguably been one of the most important investment innovations in recent decades. They allow retail investors to combine the modest investment minimum and broad diversification benefits of mutual funds with the real time intra-day liquidity of stocks. Further, ETFs also offer tax efficiency, in part by not requiring a sale of securities (and the potential realization of capital gains) to meet other investors’ withdrawals..."

2025 Appleton Partners Municipal Sector Outlooks

"A common refrain when discussing the Federal Reserve’s ongoing fight to quell inflation is “the last mile is the hardest.” On one hand, progress so far has come faster than many had anticipated, with both headline and core inflation falling below 4% before the end of 2023. This was largely due to volatile non-core food and energy prices, however, and core goods, where supply chain normalization has allowed transitory-after-all price pressures to quickly fade..."