Not a college football fan but wow Indiana/Penn State what a finish that Mendoza quarterback is the next big quarterback coming into NFL. Wow that kid Mendoza is Tom Brady like. Jets need him.

Treasury bonds want to see the government pay down its debt. Not handing out $2000.00 checks. Paying down the debt helps all Americans via lower borrowing costs. Munis will benefit from Lower borrowing costs for the U.S. Treasury with some notable exceptions (Chicago/NYC). Wider

So there is this firm out of the Windy City that rates investment advisors relative to their peers. So as of 9/30/25 we would like to inform you as to why you need to consider us. We have 3 strategies and our overall ratings are 14 out of 15 “asterisks”. We will do better. MTAM!

NJ Anecdotal Info: East Brunswick is a mess. Route 18 is dying. Mall closing. Macy’s in the mall giving stuff away to clear the racks. Restaurants closing. JC Penny is a morgue. Drive a few minutes into Old Bridge and “Dollar” stores are packed. Buy higher bond yields (if u can).

Not much going on in munis now but let me say if you want to figure out how great Josh Allen is look at highlights of Lawrence Taylor. LT changed defense. Allen is that good on the Offensive side. Writing quarterly commentary this weekend for munis/bonds.

What drives muni bond performance this time of year is tax loss selling (not much given the rally) gift giving from trusts before year end (strong) and window dressing to show accounts fully invested. All that being said losing Diaz to the Dodgers makes Steve Cohen look bad.

Writing quarterly commentary tomorrow morning and outlook for 2026. Negative convexity will win in 2026. Bought 4% yield to 30 day call today. Beats locking in 2.60 ytm in 2 or 3 yrs. It’s more work for a bond manager but that’s how you win.

Wrote the quarterly commentary this morning and Japan will matter to municipal bond investors in 2026. For you upcoming portfolio managers weekends are for the administrative work and to empty your email “inbox”. 5 Star performance requires total concentration Monday thru Friday.

Did you see the Buffalo comeback today? The Bills are America’s team now .

More on football: The NFL picks domes or tropical weather places to have the Super Bowl. The time has come to give the fans what they want a Super Bowl in snow. Football in the snow is a ratings winner: Buffalo, Cleveland, Pittsburgh should host. These cities need the money. NFL?

Munis still boring essentially unchanged once again so a coupon December. Back to NFL what Philip Rivers showed last week was amazing and all these “running” quarterbacks need a review. Aaron Rodgers still in top 25% of QB’s in 40’s. Josh is Lawrence Taylor now. Bills the best.

If you were concerned or surprised that Treasuries didn’t perform better today on the “low” CPI you don’t understand that 2026 is about Japanese Government Bond Yields. Munis exactly affected by JGB yields . Commentary posted on millertabakam.com under “research”.

10 yr JGB yield now 2%

One of the great states in America (Montana) owns college football today.

For bonds the ability to repay (Japan) and the willingness to repay (Chicago) bond holders will be the story. Japan will steepen the curve Chicago will steepen the credit curve. Gold is only relevant for those two reasons. The “Fed” has no clothes.

Happy New Year from the Pietronico family at Miller Tabak Asset Management

Report card time: 15 yr munis returned 5.31% while 5 yr munis returned 5.03%

Much lower oil prices to help housing affordability is the plan.

As a muni bond manager in California you have been trained to think you pay for lower yields due to the insanely high state income tax. Billionaires are now being chased. So here comes wider spreads. Florida/Texas bonds win longer term. California/NY borrowing cost will edge up.

Will get back to munis soon but if the NY Jets stay with Aaron Glenn with all of these great coaching options available they deserve the awful results they have generated. Best coach Jets had was Parcells with awful QB’s. Number 2 pick and a great coach hire turns it around soon.