Jack Muller explores the muni sell-off, higher yields, and how tax-loss harvesting may create opportunities for investors.
The recent rise in interest rates has put pressure on municipal bond prices, but it may also be creating new opportunities for investors.
In this episode, host Eric Kazatsky welcomes back Jack Muller of MacKay Municipal Managers to discuss what’s driving the recent muni market sell-off, why the move is primarily a rate and technical story rather than broad credit deterioration, and how higher yields are reshaping the opportunity set. They also explore tax-loss harvesting and swapping, including how investors can potentially realize losses while maintaining municipal exposure and income. Jack explains what to consider when evaluating replacement bonds, from credit and duration to yield, pricing, transaction costs, and wash-sale rules. The conversation also looks at how strong new issuance and secondary-market selling are creating more choices for investors looking for relative value in today’s muni market.
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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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