Muni Bonds to Stay Cheap After Rate Cuts [BNN Bloomberg (Canada)]
Bank of America Corporation (BAC)
Last bank of america corporation earnings: 4/15 06:45 am
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Source: BNN Bloomberg
State and local government securities are poised to get even cheaper in coming months following the Federal Reserve's 50 basis point cut this week, according to strategists at Bank of America Corp., as well as Goldman Sachs Asset Management and Barclays Plc, who are advising investors that it might be a good time to buy. According to Bank of America strategists led by Yingchen Li, the current cheapening doesn't reflect weakness in the tax-exempt market but rather richness in the taxable space. Those valuations could shift if muni supply wavers. “If the new issuance calendar shows any signs of slowing off the torrid pace when Election Day approaches, we believe significant ratio richening should be expected,” wrote Li in a Friday note. “We continue to advise investors to take positions while the muni market rally remains slow and ratios are somewhat cheap.” The 10-year muni-Treasury ratio — a key measure of relative value — hit its highest level of the year earlier this week. Th
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