2025 Annual Outlook

MainLine West - 2025 Annual Outlook

Red Dawn Rising - White SWAN Setting?

Over the years, there have been several “defining” moments in the muni market - some good, some bad. Two of the top five significant events would have to be the Tax Reform Act of 1986 and Meredith Whitney's 2010 doomsday prediction for the financial demise of major cities. One event was bad for munis, while one was good. It all came back to “news” versus the reality. One could label each event a “once in twenty-year muni opportunity (or disaster)”. MainLine views the change of political color in the USA from the 2024 election as one of these potential moments. Will it result in opportunity or disaster? Will the rise of the “red dawn” cause the setting of the “for the public good” WHITE SWAN market -or- will it be a beautiful sight for SWAN investors?

Expert Insight About The Municipal Bond Market

Our team of investment professionals are active in the market daily. Our blog includes posts with valuable insight and commentary about critical municipal finance topics and expert interpretation of how current economic factors may affect the municipal bond market.

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About The Author

Mike Maciolek, CFA, is a Senior Vice President at MainLine West and a member of the investment team for individually managed client accounts and our family of Tax Advantaged Opportunity Funds. Prior to his current role, he was a portfolio manager for First Data Corporation. Mike directed a set of municipal bond portfolios approaching $12 billion in market value, and $7 billion in interest rate derivatives, applying his expertise to meet the various objectives of the portfolios. He began his 30 year career in New York City as an analyst with management responsibilities for $2 billion in tax-exempt money market funds for Oppenheimer Funds.

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