FYI: Municipal investors are in a much different place than they were a year ago, with 2017 likely to be a year of change for the market. Uncertainties about tax reform and fiscal spending have created muni-specific policy risk that could result in higher price volatility than in recent history. We believe this could create opportunities for nimble managers who incorporate top-down macro analysis with bottom-up credit selection in their municipal portfolios.
Regards,
Ted
http://www.barrons.com/articles/munis-in-focus-2017-municipal-market-outlook-1486748922?mod=pimco_home
