September’s rally could give way to an opportunity to buy the dip in October

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MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.

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In this episode of Muni 360, host Eric Kazatsky sits down with Scott Sprauer, Portfolio Manager at MacKay Municipal Managers, for a timely discussion on why municipal bonds remain a compelling option in today’s shifting market.

From Fed policy and supply dynamics to the resilience of muni credit quality, Scott explains how active management and smart curve positioning can unlock opportunities for investors. He also shares why elevated supply is the new norm, why municipal yields are competitive against other fixed-income classes, and how investors should consider reallocating cash as the Fed begins its rate-cutting cycle.

Tune in now for practical insights that highlight why municipals remain a cornerstone for long-term, tax-efficient portfolios.

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Presented by New York Life Investments
www.newyorklifeinvestments.com

MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.

SMRU: 8364320.1

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Two ideas at different spots on the curve

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Presented by New York Life Investments
www.newyorklifeinvestments.com

MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.

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Our view is that OBBBA’s actual financial impact to states will be small, and quite manageable.

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Presented by New York Life Investments
www.newyorklifeinvestments.com

MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.

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Healthcare has been one of the most dynamic pockets of the market uniquely facing the challenges of pandemic and now Medicaid challenges with the passing of the OBBA, however hospitals have remained resilient evidenced by improving median metrics.

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Presented by New York Life Investments
www.newyorklifeinvestments.com

MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay

Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance

Company. “New York Life Investments” is both a service mark, and the common trade name, of

certain investment advisors affiliated with New York Life Insurance Company.

SMRU: 8311303.1

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Issuance is up, the curve is steepening, and tax policy is finally clear—conditions that have muni investors taking a closer look.

In this episode, host Chris Roberti is joined by Matt Hage, Portfolio Manager at MacKay Municipal Managers, for a timely look at market dynamics and positioning. Matt shares why issuance is running 20% above last year’s record pace, how shifts in the curve are opening long-term opportunities, and what the “One Big Beautiful Bill” means for tax policy and sector risk. They also discuss credit fundamentals, potential catalysts for a rally, and why active management may be better equipped than passive strategies in today’s environment.

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• Twitter @MacKayMuniMgrs
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• LinkedIn: MacKay Municipal Managers

Presented by New York Life Investments
www.newyorklifeinvestments.com

MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.

SMRU: 8252992.1

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Our view is that OBBBA’s actual financial impact to states will be small, and quite manageable.

Follow Us

Twitter @NYLInvestments

Twitter @MacKayMuniMgrs

Facebook @NYLInvestments

LinkedIn: New York Life Investments

LinkedIn: MacKay Municipal Managers

Presented by New York Life Investments
www.newyorklifeinvestments.com

MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.

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The difference in yields between the 2 year and 30 year points on the municipal yield curve is the highest it’s been in 5 years.

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Twitter @MacKayMuniMgrs

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LinkedIn: New York Life Investments

LinkedIn: MacKay Municipal Managers

Presented by New York Life Investments
www.newyorklifeinvestments.com

MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.