Bloomberg Surveillance Markets Look Ahead to Fed Decision and Jobs
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Jul 29, 2025 
Nisha Patel, a Portfolio Manager at Parametric, shares insights on the upcoming Federal Reserve decisions and their implications for the bond market. Neil Dutta, Head of Economics at Renaissance Macro Research, discusses how tariff dynamics affect global trade and economic rebalancing, notably regarding Europe and China. Peter Tchir, from Academy Securities, delves into the labor market through JOLTS data, emphasizing the sentiment that the quit rate signals about employment trends. Together, they unravel the intricate ties between tariffs, job markets, and economic recovery.
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High Muni Yields Present Opportunity
- Municipal bonds yields are at 15-year highs, especially in the long end of the curve.
- This creates a rare opportunity for high-quality, tax-free income with finite maturities.
Debt Issuance Impacts Yields
- Increased federal debt issuance will keep yields elevated and steepen the yield curve.
- Money market funds can potentially absorb much of this new debt issuance.
Lock In High Muni Yields Now
- Investors should consider locking in current high muni yields before potential Fed rate cuts.
- Long-dated municipal bonds offer strong income with cushioning against rate moves.