We often write about the opportunity for fixed income investors to lock in relatively attractive long-term rates. And we would argue that investment consultants and financial advisors have no more important charge than to convince their clients to take advantage of this while they still can.

The municipal and the Treasury yield curves are different. This is never more evident than when the Treasury curve inverts. There have been multiple historical incidences of Treasury 2's to 10's inversion in the last quarter century...

It might feel like a different landscape for investors in municipal bonds after the big moves in yields and prices this past month. Thankfully, they are historically rare. But like the "taper tantrum" of 2013, they can be unnerving when they do happen.