Quarterly Commentary & PM Q&A
*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. Investment decisions should be made based on an investor's objective and circumstances, and in consultation with their professional tax, financial or legal addvisor. 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: https://www.bellehaven.com/disclosures (https://www.bellehaven.com/disclosures) for additional information.
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In this edition, our Co-CIOs share their perspectives on the latest market developments, what's driving yields, and where we see opportunities ahead.
The Fed Sets the Thermostat. The Bond Market Is the Weather.
What pushed long-term Treasury yields above their 2007 highs, and why the Fed is only part of the story
Why a hard September for munis created a better entry point
How we're using the weakness, not hiding from it: buying yield, targeting the curve's sweet spot and putting losses to work
Quality carry, not beta carry: why high-quality taxable bonds yielding above 5% beat stretching for credit with spreads near decade tights
*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 (https://www.bellehaven.com/disclosures)
Hosted on Acast. See acast.com/privacy (https://acast.com/privacy) for more information.
20 Jul 2026
Belle Haven Q2 2026 Newsletter
Market Insights: The Calm After the Storm, but Uncertainty Remains
Why municipal yields near multi-year highs opened an attractive entry point
How the market absorbed record issuance — and where we're getting more selective
What a flatter curve and a more hawkish Fed under Warsh mean for the rest of the year
Credit Insights: Mid-Year State Credit Round-Up
Why 45 of 50 states balanced their budgets — but nearly half did it with cuts
What the largest muni issuers (CA, TX, NY, FL, IL, NJ) reveal about credit quality
How Medicaid changes and the One Big Beautiful Bill are reshaping state finances
*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 (https://www.bellehaven.com/disclosures)
Hosted on Acast. See acast.com/privacy (https://acast.com/privacy) for more information.
14 Apr 2026
Belle Haven Q1 2026 Newsletter
Market Insights: The Middle East Conflict Was Not on Our Market Bingo Card
Why March's selloff was a rates story, not a credit story
Where valuations improved and where we're finding opportunity
Why structure matters more than ever in a volatile rate environment
Credit Insights: Tax the Rich: What Does It Actually Mean for Your Muni Portfolio?
The migration narrative is real, but the data says it's overstated
High-tax vs. no-income-tax states, what the muni return numbers actually show
The three risks that genuinely matter for credit quality
*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 (https://www.bellehaven.com/disclosures)
Hosted on Acast. See acast.com/privacy (https://acast.com/privacy) for more information.
Reach and audience
Public platform figures. Ratings count people who left a rating, not total listeners.
Apple Podcasts (US)
5.0 / 5
2 ratings
Spotify
5.0 / 5
5 ratings
Podcast Authority Score: 9 / 100
A composite of feed quality, social presence, YouTube performance and engagement. Read the methodology.
Quality
4
Social presence
0
YouTube
0
Engagement
32
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