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Several major technicals are beginning to improve in the muni market, said Burt Mulford, portfolio co-manager of fixed and strategic income at Eagle Asset Management.
Fixed-income markets have had a tough 2022 but municipal bonds have been among the ones that have struggled the most.
Given the volatility of risk assets is likely to remain high, and the focus on the flight to safety increases, all fixed-income assets could benefit as a result, including municipals, Barclays strategists say.
On the buy-side, weakness, outflows, supply issues, and poor liquidity are making life challenging for municipal bond investors. The same could be said for issuers.
Last year the university's investment portfolio grew by 47%, a factor contributing to the university's triple-A ratings.