A Solid Second Half Sets the Tone

Markets found new footing in the second half of 2025, as technicals improved, long duration rallied, and investor sentiment turned more constructive. But what does that mean as we look toward 2026?

In this episode, host Chris Roberti welcomes back Matt Hage, Portfolio Manager at MacKay Municipal Managers, joining from the firm’s Los Angeles trading desk. They unpack the factors behind muni performance this year, including curve dynamics, the impact of steady inflows, and why the long end of the curve remains well bid.

Matt also shares why political noise isn’t moving markets much, what’s really changed in the credit landscape, and where he sees opportunity heading into 2026, especially in the housing sector.

There’s a lot to take away here, especially if you're navigating muni allocation decisions as we head into the new year. Listen in to get Matt’s latest insights straight from the desk.

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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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