- Clients plan to get to neutral from underweight in munis: Yeh
- Clarity around Fed’s path has bolstered the case for munis
Goldman Sachs Asset Management’s Sylvia Yeh is “moderately bullish” about municipal-bond debt even after the market’s worst annual start in decades.
The firm’s co-head of municipal fixed income says the Federal Reserve’s aggressive policy-tightening campaign has been a boon for investors who had a hard time justifying their investments when interest rates were low. Benchmark 10-year muni yields have risen more than 140 basis points since the start of the year, luring some buyers.
“It’s almost like a back to basics for our market,” Yeh said. “Clients are reminded why they own fixed income and why now is a good opportunity to put money to work.”
Bloomberg Markets
By Nic Querolo
July 19, 2022, 9:58 AM PDT