• Investors should take note again and pounce on appealing investment opportunities in the sector. Municipal bond market credit and technical indicators are again flashing the appropriate constructive signals.
• Municipal to Treasury Ratios are attractive, and over 100%. Municipal yields have risen to levels that deserve to be considered by not only conservative investors but also by those who are considering going a little further out on the investment-grade credit spectrum.
• We still believe that the investment-grade municipal sector is an opportune option for investors to wait-out the economic uncertainty likely ahead.
• The credit landscape encompassing the Golden Age of Public could become even more compelling that we initially expected. Credit quality remains very strong, and could improve.
• Public finance upgrades will outpace downgrades in 2022 and upgrades could outpace downgrades in 2023 but we need to see what happens on the economic front before we too enthusiastically endorse what is likely to happen next year.
• We want investors to continue to consider trading out of credits with substantial pension liabilities. It should be easier now to do this because of market circumstances.

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