DWS - Thu, 09/05/2024 - 00:43

Municipal Bonds: Ignore the election and focus on rate trajectory

As we head down the homestretch of 2024, this is a good opportunity to recap performance so far, assess current market conditions and position for what may be around the corner.

High yield municipal performance has been stellar and outperformed the barely break-even performance of the investment-grade part of the market.
Credit spreads are tight, but if you pay taxes, absolute yields in tax-exempt bonds can be hard to ignore.
The U.S. Federal Reserve (the Fed) appears on the verge of cutting, so longer duration and curve positioning is likely to become important.
We think the municipal bond market is unlikely to be harmed in even the most extreme election outcomes.

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About DWS

Insurance asset management connected globally

As a pioneer in insurance asset management, DWS started working with insurance companies in 1929. Trust, knowledge and customized solutions crafted over time are what we deliver insurers.

Our global platform delivers multi-asset investment programs in an insurance context across active and passive fixed-income, equity, alternatives, cash, and sustainable strategies. It is supported by an understanding of the dynamics and complexities of insurance investing in a constrained environment that is subject to state regulations, solvency requirements, rating agency considerations, reporting and accounting standards.

James D. Richard
Head of Insurance Coverage-Americas
james.d.richard@dws.com

dws.com/InsuranceAM
875 Third Avenue
New York, NY 10022

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Municipal Bonds: Ignore the election and focus on rate trajectory

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