• 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

• 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

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Market Insights: Market Volatility Ending on a Positive Note

• 2025 market volatility, yields and relative value
• Duration positioning and curve opportunities

Credit Insights: Expect the Unexpected

• Sector-by-sector municipal credit outlook
• Emphasis on resilience and capital preservation

*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

Hosted on Acast. See acast.com/privacy for more information.

Before & After the Cut

Market Insights

• Markets Reprice the Path Forward Amid Fed Uncertainty
• Curve Steepens, Highlighting Value in Intermediate Maturities

Headline Risks and Fundamentals

Credit Insights

• Federal Policy and Munis: What Investors Should Know
• Credit Strength Persists Despite Policy and Market Shifts

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