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Articles by Patrick Haskell
Municipal Bonds and AI Data Center Financing
Key takeaways Munis can fund local power, grid, water and wastewater infrastructure; most AI campus capital will be financed in non-municipal markets. Muni AI issuance may reach up to $11 billion in 2026; less than 2% of expected annual muni issuance.1 Alphabet's prepaid utility bond shows munis can be a capital source, not the primary source. Credit outcomes hinge on who pays, contract protections and execution discipline. The role of munis in the AI buildout The AI data center buildout...
Need A Better Way to Pick Municipal Bonds? Look Beyond the Rating
Key takeaways Ratings are a great place to start—but they’re snapshots, so strong muni investing means keeping up with character, capacity, and capital as the story evolves. Munis trade over the counter, so information and liquidity aren’t always evenly distributed—doing the homework goes a long way. Credit research is about the path, not just the destination—watch the early warning signs, keep a margin of safety, and don’t be surprised when headlines move markets.
Key takeaways Municipal bond yields have reset higher, creating compelling value. This is especially true for California residents who stand to benefit most from the municipal tax exemption. BlackRock’s Municipal Analyst team continues to highlight distinct opportunities and emerging risks across the California municipal landscape. BlackRock California Municipal products are designed to help investors capture these opportunities while navigating a dynamic market backdrop.
Municipal Bonds and AI Data Center Financing
Key takeaways Munis can fund local power, grid, water and wastewater infrastructure; most AI campus capital will be financed in non-municipal markets. Muni AI issuance may reach up to $11 billion in 2026; less than 2% of expected annual muni issuance.1 Alphabet's prepaid utility bond shows munis can be a capital source, not the primary source. Credit outcomes hinge on who pays, contract protections and execution discipline. The role of munis in the AI buildout The AI data center buildout...
2026 Muni Outlook: Selectivity drives alpha in 2026
BlackRock’s municipal bond experts share their market outlook and the actions you can take to raise your portfolio’s potential in 2026.
2026 Muni Outlook: Selectivity drives alpha in 2026
Investing involves risk, including possible loss of principal. Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses which may be obtained by visiting www.blackrock.com or www.iShares.com. Read the prospectus carefully before investing.
Investing in 2026
If the last few years felt a bit like walking through a casino where almost every table was paying out, 2025 has been the point in the night when the lights come up a bit and you notice the house edge again. From 2020 through 2024, the equity market rewarded almost any risk you took. In that period, more than half of S&P 500 companies delivered annualized returns above 15%, and about 90% had positive annualized returns. In other words, simply “putting chips on the table” worked unusually well.
Maximizing Tax Savings with Muni Bonds
How today’s market conditions may create tax opportunities in muni bonds Investors have long turned to municipal bonds for the potential benefit of tax-exempt income. Yet many investors may be surprised to learn they could also present one of the most overlooked opportunities for tax loss harvesting this year. Rising interest rates and persistent inflation have created favorable conditions to consider harvesting losses.
California: A State Like No Other
Key takeaways It’s no secret that value has been restored in bond yields, and municipal bonds are no exception – particularly for California residents who can reap the tax–exempt benefits of bonds issued by the state. The BlackRock Municipal Analyst team has identified several areas of opportunities and risks for investors when investing in California municipal bonds. BlackRock California Municipal products can capitalize on opportunities the team has identified within the market.
Balanced portfolio strategy: repeatable returns
Markets trade on stories. Portfolios compound on math. Lately the loudest story has been artificial intelligence, yet the force that actually moves margins is productivity. Better tools, smoother operations, lower unit costs, and more cash to reinvest. You can see it now, consumption has cooled from very strong levels while capital spending on cloud, data infrastructure, and software keeps advancing. Hours worked have softened a touch, yet labor income remains resilient.
Attract High Net Worth Clients
Investing involves risk, including possible loss of principal. SpiderRock Advisors, LLC (“SRA”), an investment adviser registered with the SEC and a commodity trading advisor registered with the CFTC, provides discretionary options overlay investment strategies. SRA is an indirect wholly owned subsidiary of BlackRock, Inc.
Winning the Important Points: Market Insight
Winning the Points That Matter In 17 years, Rafael Nadal won 14 French Open titles during which he won 112 of 115 matches (97.4% win-rate), 90% of all sets, and 89% of all games within those matches. But he only won 55% of the points played. The secret? Winning the important points. Investing is not so different. On any given day, markets go through ups and downs as the news ebbs and flows; your win rate can hover around ~50% day-to-day. Equities show the same symmetry.
Q2 earnings point to stock strength
Key takeaways Early 2025 worries of U.S. stock malaise may have been exaggerated, if Q2 earnings are any indication. While the AI-leveraged super earners led the charge once again, a deeper look reveals some quieter signs of a broadening in stock market strength. Fundamental Equities CIO Carrie King recaps a better-than-expected earnings season and reveals what companies are talking about beyond tariffs.
2025 Muni Outlook: Stay Invested and Remain Nimble
Trade war brings April showers Higher-than-anticipated tariff increases weighed heavily on municipal market sentiment. Seasonal supply-and-demand dynamics were further challenged by outflows. Most municipals are based upon domestic revenue that is less impacted by tariffs. A message from Advisor Perspectives and VettaFi: To learn more about this and other topics, check out some of our webcasts.
Active Management Will Drive Muni Returns in 2024
All about income Municipal bonds posted negative total returns in October amid sharply rising interest rates. Issuance remained robust ahead of the election but is expected to wane into year-end. We view the recent rise in yields as an opportunity to spend cash and increase income in portfolios. Municipal and Treasury yield movements View Commentary Performance data quoted represents past performance and is no guarantee of future results.
Active Management Will Drive Muni Returns in 2024
Municipal August update Munis cemented their best “summer” since 2010 after another month of strong performance. Some near-term caution is warranted given that September has been historically challenging. Robust issuance ahead of the election should provide opportunities in the primary market. Market overview Municipal bonds posted their third-consecutive month of positive performance in August.
Active Management Will Drive Muni Returns in 2024
Munis remain firm amid Fed easing expectations Municipals posted another month of strong performance alongside rallying interest rates. Issuance remained robust and negated the typical seasonal benefit of net-negative supply in July. Given the magnitude of the recent rally, some added caution is warranted in the near term. Municipal and Treasury yield movements Performance data quoted represents past performance and is no guarantee of future results.
Municipal Issuance Eclipsed Expectations
Municipals deliver strength ahead of seasonal shift Municipals posted marginally negative performance and lagged Treasuries in March. The transition back to net positive supply acted as a considerable drag throughout the month. Continued seasonal headwinds warrant patience and caution in April. Municipal and Treasury yield movements A message from Advisor Perspectives and VettaFi: To learn more about this and other topics, check out our most recent white papers.
Municipals Deliver Strength Ahead of Seasonal Shift
Sign me up to receive email newsletters from VettaFi Advisor Perspectives Reserves cushion rising budgets Illinois: Governor Pritzker proposed a $52.7 billion fiscal year (FY) 2025 general fund budget that closes an initial $721 million gap with roughly $800 million in additional revenue, particularly by raising the sports-betting tax to 35% from 15% and capping corporate tax deductions.
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