Municipal Bond ETFs

Municipal bonds are riding the fixed income rally these days, and the national muni bond ETF (MUB) is currently more than two standard deviations above its 50-day moving average.  Muni bonds have the additional incentive of providing tax-free income during a time when taxes are expected to go higher.  Investors have even been bidding up muni bond ETFs for New York and California -- two states with less than stellar balance sheets.

As shown below, the California muni ETF (CMF), New York muni ETF (NYF), and national muni ETF (MUB) are all up more than 3% year to date, while the S&P 500 remains down about 2%. 

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Comments

[Jared Mann]

I think some companies are in better shape than the states, especially when looking at the debt ratios. Bonds on companies like walmart, macdonalds, johnson and johnson look safer than say a california bond, short the states and long the blue chips is looking like a more appealing trade everyday.

[Marrilyn]

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