Economic & Market Commentaries

"On the evening of August 1st, Fitch downgraded the US Treasury credit rating from AAA to AA+, and lowered federal agency debt, including Fannie Mae and Freddie Mac, in line to AA+ one day later."

"As an active fixed income manager, one of the most frequent questions we’ve been asked in the past year is, with shorter bonds out-yielding longer ones, why wouldn’t you just buy the shorter ones?"

"The debt ceiling refers to a limitation imposed by Congress back in 1917 that caps the amount of outstanding debt that the US can offer. Currently $31 trillion, the debt ceiling relates to Treasury’s ability to fund appropriations Congress has already approved, not future spending."

"Persistently tightening monetary policy and a slowing economy have begun to work their way into state tax revenue collections. Across the nation, median growth in monthly revenues slowed from double-digit levels early in 2022 to low-single digits by year-end."

"States are coming off another year of strong tax collections, although recent softening likely points to more muted 2023 performance. Inflation had a multi-fold effect on State credit conditions in 2022."