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Tax-free muni strategies in a low-rate world

johnNjohnN
in The Bullpen
https://www.putnam.com/advisor/content/perspectives/7476-tax-free-muni-strategies-in-a-low-rate-world


Tax-free muni strategies in a low-rate world
Paul M. Drury, CFA, Portfolio Manager and Garrett L. Hamilton, CFA, Portfolio Manager, 03/03/20

Tax-free muni strategies in a low-rate world
Return opportunities for municipal bond investors have become a little more challenging amid lower rates and tighter spreads.
We believe a re-steepening of the yield curve is likely as markets price in stable or faster growth and the likelihood of higher inflation.
We favor a strategy to benefit from a steeper curve rather than adding interest-rate or credit risk.
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