Recent Reads

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.

The Surge in Bond Yields—Big Deal or Not?

By Marty Margolis on October 5, 2023

The recent surge in long term yields may signal a big change in the outlook for the US and global economies.

Countdown to Shutdown

By Marty Margolis on September 29, 2023

A Federal government shutdown heightens uncertainty; Moody's climbs on board, and more in this week's Beyond the News.

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Key metrics and trends in the public funds investment market.