• Municipal yields declined again last week, reinforcing the view that the window for an attractive entry point is narrowing. The ship is leaving the port, and investors should stay alert to avoid missing this opportunity.
• Relative value remains compelling, with Municipal-to-Treasury ratios still elevated. Cross-over buyers are still stepping in, and timing is critical as these favorable conditions may not last.
• Weakening GDP and jobs data, rising expectations for rate cuts, and increasing concerns about the independence of key economic institutions are creating a sense of urgency. These developments could put pressure on financial markets and raise doubts about the reliability of the data investors depend on.

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