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Market Commentary - Page 6

The Federal Reserve is almost certainly going to raise very short-term interest rates for the first time in nearly a decade when it meets in Washington next week. For us, as municipal bond investors focused on income generation over the long term, this is good news.

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For the first 11 months of this year, the overarching theme for large U.S. stocks has been a lot of ups and downs that have essentially balanced out to nearly flat.

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The increased likelihood of a Federal Reserve interest rate hike in December is contributing to the stiff market headwinds now faced by commodities.

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Last Friday’s national jobs report triggered an instant recalculation of the odds of a December interest rate hike by the Federal Reserve: Where it had been roughly 70-30 against an increase, now it’s about 70-30 in favor of one.

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We think we are in or near the late innings of the current business cycle, so this would be a good time for the slow-growing U.S. economy to channel its inner Kansas City Royals.

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