2023 Municipal Sector Outlook

Appleton’s analysts strike a more cautious tone for 2023. A look at sector specific credit dynamics.

Review and
Outlook

March 2023

“The ‘immaculate deflation’ narrative ended abruptly at the beginning of February after a series of data points dashed hopes for an early end to the Federal Reserve’s hiking cycle.”

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February 2023

“The standout moment of the Federal Reserve press conference on February 1st was when Chairman Powell was given an opportunity to pivot and push back against market faith but chose not to.”

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January 2023

“Nothing better underscores how year-end is a symbolic and not actual change than a string of indistinguishable dreary days connecting December to January. Still, the turning of the year is a traditional time to take stock, and with that in mind we’re taking a bigger picture view than normal in our review…”

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December 2022

“Two November inflation reports shifted market expectations concerning Federal Reserve policy and the market is now pricing a “pivot.” We think this is wrong, for two reasons.”

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Economic and
Market Commentary

03.02.2023

The Golden State is Forced to Confront Fiscal Challenges – California Credit Brief

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. While most states have faced tax revenue pressures, California is facing more acute revenue deterioration.

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01.17.2023

2023 Municipal Sector Outlook

Appleton’s analysts strike a more cautious tone for 2023.  A look at sector specific credit dynamics.

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09.19.2022

Beyond Ladders: Attributes of Active Bond Management

The asset management industry has long wrestled with the active versus passive debate across a spectrum of asset classes. At Appleton, we are strong advocates of active municipal bond management as it affords us the ability to customize solutions and capitalize on opportunities to add incremental yield and total return.

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07.11.2022

Yield, Credit, and Valuation: The Case For Municipals

We recommend advisors and investors take another look at their allocation to investment grade municipals, a case based on higher yield levels, strong credit quality, and attractive relative valuation.

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Quarterly
Perspectives

Q4 2022

Navigating Turbulent Times

“We will refrain from offering a comprehensive year-end market retrospective as the financial media has thoroughly covered that ground, and some may prefer not to revisit the details. Instead, our objective is simply to draw upon 2022’s investment experience as a means of reinforcing more personal, timeless planning guidance.”

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Q3 2022

Managing Market Emotions and Biases

“Warren Buffett’s contrarian investment philosophy likely resonates with many who embrace a value-oriented mindset. While there is inherent logic in this time-tested recommendation, adhering to advice of this nature presents practical challenges.”

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Q2 2022

Fortifying Financial Decision-Making

“Generation X households are likely to inherit a staggering $30 trillion in wealth over the next 25 years and overtake the Baby Boomers as America’s wealthiest generation. The magnitude of this dynamic has caught the attention of wealth management professionals, and what is unfolding in an aging America is also likely to have a profound effect on individual relationships with money.”

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Q1 2022

The Gift of Giving

“The war in Ukraine is a tragedy on many dimensions, and along with our sympathies and concern for all those impacted, we offer a few wealth management and financial planning thoughts.”

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Video Briefs

October 2022

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May 2022

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January 2022

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November 2021

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