The impact of changing interest rates and, ultimately, future bond market returns rest directly with the Federal Reserve. Follow this link for the full report (PDF).
The municipal securities market is critical to building and maintaining the infrastructure of our nation. State and local governmental entities issue municipal securities to finance a wide variety of public projects, to provide for cash flow and other government needs, and to finance non-governmental private projects. In this report, Understanding the Issuer Risk in the Municipal Bond Market (PDF), JB Investment Management summarizes municipal bond market risk.