Recent Reads

Moody’s Makes it Three

By Marty Margolis on November 16, 2023

Late last week Moody’s Investors Service announced a change in the outlook on US government ratings to negative from stable. This signals that the triple-A rating of United States debt could be lost in coming months.

FHL Banks at 100--How the Opportunities for Public Funds Investors May Change

By Marty Margolis on November 9, 2023

The Federal Housing Finance Agency this week released its long-promised review of the FHL Banks which aims to sharpen the focus on supporting housing finance and community development and avoid becoming a lender of last resort for banks and other financial institutions.

Is It Time to Go Long?

By Marty Margolis on November 2, 2023

With all the talk of higher interest rates, unexpected strength in the US economy and an unsettled political situation here and globally, is now the time to go long? For the past two years cash-like investments (especially stable value LGIPs) have been the winners as rising interest rates produced losses in bond portfolios, but at some point the tide will change. For public funds investors, where “long” means two- or three-year maturities now may be that time.

Are LGIPs a Safe Harbor from Bond Market Volatility?

By Marty Margolis on October 26, 2023

With financial news headlines screaming Treasury market volatility and commentators warning that the sharp rise in interest rates could cause dangerous market dislocations, one might wonder about the stability of money funds and LGIPs.

Cybersecurity: Board and Management Responsibilities in a Risky World

By Marty Margolis on October 19, 2023

October is cybersecurity awareness month. Public sector investment programs, no matter what their size, are a prime target for cybercrime. This research note focuses on the responsibilities of investment program managers (treasurers, chief investment officials and members of oversight boards) related to cybersecurity.

Recent Moves by LGIP and Money Fund Managers Support View that Fed is Nearly Done Tightening

By Marty Margolis on October 12, 2023

Money market fund and local government investment pool managers have been re- positioning portfolios on the assumption that the Federal Reserve is near the end of its tightening cycle. The moves have taken place incrementally over the past several months as the “nearly done” mantra suffused the market.

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Key metrics and trends in the public funds investment market.