Market Insights: Volatility & Recovery

• Volatility gave way to stability
• Taxable municipal bonds outperformed
• Tax-exempt munis offer compelling value

Credit Insights

• The One Big Beautiful Medicaid Bill
• Mid-Year State Credit Round-Up

*The contents of this commentary are intended for educational purposes only and are not intended to be relied upon as a forecast, research or investment advice, nor should it be considered a recommendation, offer, or solicitation for the purchase or sale of any security or to adopt a specific investment strategy. All opinions expressed in this commentary are subject to change without notice. Nothing in this commentary should be considered tax or legal advice and investors should contact their tax professional for information regarding their tax situation. Please refer to the Disclosures link below for additional information.

https://www.bellehaven.com/disclosures

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Market Insights: Tariff Tension

• Policy Uncertainty Drives Volatility: Tariffs and tax reform plans are fueling market disruption and mixed economic signals.
• Conflicting Fed Signals: The Fed held rates steady but lowered growth and raised inflation forecasts, reflecting a complex outlook.
• Sentiment Weakens: Rising recession risks and falling consumer confidence point to growing investor unease.

Credit Insights: Hey Kids, Don’t Try This At Home!

• Munis ≠ Corporates: Unlike corporates, munis are more diverse and slower to change, giving managers time to manage risk.
• Diverse & Stable: Thousands of issuers and gradual credit shifts let skilled managers avoid trouble early.
• Defaults Are Manageable: Major muni defaults are often long-foreseen, showing risk is avoidable with proper oversight.

*The contents of this commentary are intended for educational purposes only and are not intended to be relied upon as a forecast, research or investment advice, nor should it be considered a recommendation, offer, or solicitation for the purchase or sale of any security or to adopt a specific investment strategy. All opinions expressed in this commentary are subject to change without notice. Nothing in this commentary should be considered tax or legal advice and investors should contact their tax professional for information regarding their tax situation. Please refer to the Disclosures link below for additional information.

https://www.bellehaven.com/disclosures

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Market Insights: Opportunity in Uncertainty: Macroeconomic uncertainty can create opportunities for disciplined investors to generate stable income through quality and diversification.

Credit Insights: 2025 Sector Outlooks and Federal Funding: Specific sector reliance on federal funding and our strategy for the year ahead.

*The contents of this commentary are intended for educational purposes only and are not intended to be relied upon as a forecast, research or investment advice, nor should it be considered a recommendation, offer, or solicitation for the purchase or sale of any security or to adopt a specific investment strategy. All opinions expressed in this commentary are subject to change without notice. Nothing in this commentary should be considered tax or legal advice and investors should contact their tax professional for information regarding their tax situation. Please refer to the Disclosures link below for additional information.

https://www.bellehaven.com/disclosures

Hosted on Acast. See acast.com/privacy for more information.