Market Insights: The Calm After the Storm, but Uncertainty Remains

• Why municipal yields near multi-year highs opened an attractive entry point
• How the market absorbed record issuance — and where we're getting more selective
• What a flatter curve and a more hawkish Fed under Warsh mean for the rest of the year

Credit Insights: Mid-Year State Credit Round-Up

• Why 45 of 50 states balanced their budgets — but nearly half did it with cuts
• What the largest muni issuers (CA, TX, NY, FL, IL, NJ) reveal about credit quality
• How Medicaid changes and the One Big Beautiful Bill are reshaping state finances

*The contents of this commentary are intended for educational purposes only and are not intended to be relied upon as a forecast, research or investment advice, nor should it be considered a recommendation, offer, or solicitation for the purchase or sale of any security or to adopt a specific investment strategy. All opinions expressed in this commentary are subject to change without notice. Nothing in this commentary should be considered tax or legal advice and investors should contact their tax professional for information regarding their tax situation. Please refer to the Disclosures link below for additional information.https://www.bellehaven.com/disclosures

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