The Muni 360 Podcast from New York Life Investment Management

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The Muni 360 Podcast from New York Life Investment Management episodes

September 18 The Price of Money Has Changed
The price of money has changed—and for municipal investors, that may be the most important story of the fall.
In this episode, host Eric Kazatsky is joined by Jack Muller, Investment Strategist at MacKay Municipal Managers, to connect the dots between Treasuries, munis, supply, and the Fed. They discuss why the Fed no longer tells the whole rate story, what the Treasury's expanded buyback activity can—and can't—do for the long end, and why higher muni yields reflect the macro backdrop rather than credit deterioration. Jack breaks down a steeper curve that finally pays investors to extend, a record year of issuance that demand keeps absorbing, and the "Rubicon moment" that brings crossover buyers into the tax-exempt market. They close with the growing dispersion in municipal credit—upgrades in Illinois and New Jersey, pressure on local governments, school districts, higher education, and healthcare—and what persistent volatility means from here.
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Presented by New York Life Investments
www.newyorklifeinvestments.com
MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.
SMRU: 8797059

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37 min
August 21Finding Value After the July Sell-Off
After one of the toughest Julys for municipal bonds in decades, opportunity may be picking up, but only for those who know where to look.
In this episode of the Muni 360 podcast, host Eric Kazatsky and guest Jack Muller dig into the forces behind the recent correction, what’s really happening with credit fundamentals, and how investors can position amid technical headwinds, political uncertainty, and shifting tax proposals.
They break down the implications of the Missouri tax vote, what supply surges could mean for returns, and why higher yields should have muni buyers paying close attention right now. Whether you’re watching flows, digging for value, or weighing credit shifts, this conversation covers the essential market drivers you need to know.
Watch the full episode now.
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Twitter @MacKayMuniMgrs

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Presented by New York Life Investments
www.newyorklifeinvestments.com
MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.
SMRU: 8796789

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24 min
August 20 Robust Demand Absorbs a Heavier New-Issue Calendar
Munis remain well-supported by investors

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Twitter @MacKayMuniMgrs
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LinkedIn: New York Life Investments
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Presented by New York Life Investments
www.newyorklifeinvestments.com

MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.

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4 min
July 31 Post-Fed Muni Valuation Snapshot
Muni valuations held steady post-Fed

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Twitter @NYLInvestments
Twitter @MacKayMuniMgrs
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LinkedIn: New York Life Investments
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Presented by New York Life Investments
www.newyorklifeinvestments.com

MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.

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3 min
July 24 Munis Stay Resilient
Record Muni Supply: A Second-Half Outlook

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Twitter @NYLInvestments
Twitter @MacKayMuniMgrs
Facebook @NYLInvestments
LinkedIn: New York Life Investments
LinkedIn: MacKay Municipal Managers
Presented by New York Life Investments
www.newyorklifeinvestments.com

MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company
.

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4 min
July 17The Market Rewarded Discipline
The first half of 2026 challenged many of the market assumptions investors started the year with. While headlines focused on inflation, interest rates, tariffs, and geopolitical uncertainty, the municipal bond market rewarded discipline instead.
In this episode, host Eric Kazatsky is joined by Jack Muller for a midyear review of their 2026 outlook. They revisit the year's key themes, explain why technicals and investor demand have driven performance, and share where they continue to see value across the municipal market.
Tune in to hear what worked, where opportunities remain, and what to watch in the second half of 2026.
Follow Us
Twitter @NYLInvestments

Twitter @MacKayMuniMgrs

Facebook @NYLInvestments

LinkedIn: New York Life Investments

LinkedIn: MacKay Municipal Managers
Presented by New York Life Investments
www.newyorklifeinvestments.com
MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.
SMRU: 8796551

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21 min
June 26 Munis Stay Resilient
Munis Stay Resilient as July Technicals Appear Supportive

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Twitter @NYLInvestments
Twitter @MacKayMuniMgrs
Facebook @NYLInvestments
LinkedIn: New York Life Investments
LinkedIn: MacKay Municipal Managers
Presented by New York Life Investments
www.newyorklifeinvestments.com

MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.

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4 min
June 19Volatility Has Reset the Opportunity Set
Volatility has been the dominant theme in the municipal market, but it has also created new opportunities for investors.
In this month's Muni 360 Market Insights, Eric Kazatsky and Jack Muller discuss how recent rate volatility has led to higher yields across the municipal curve while credit fundamentals remain largely intact. They explore shifting relative value opportunities, the importance of year-round tax management, the impact of increased issuance on market technicals, and what wealth tax and millionaire tax proposals could mean from a municipal credit perspective.
Listen as Eric and Jack examine the key factors influencing today's municipal market and discuss where current conditions may be creating opportunities for long-term investors.
Follow Us
Twitter @NYLInvestments

Twitter @MacKayMuniMgrs

Facebook @NYLInvestments

LinkedIn: New York Life Investments

LinkedIn: MacKay Municipal Managers
Presented by New York Life Investments
www.newyorklifeinvestments.com
MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.
SMRU: 8796276

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
28 min
June 12 Supply Meets Demand
Elevated issuance is still being met with strong investor demand

Follow Us
Twitter @NYLInvestments
Twitter @MacKayMuniMgrs
Facebook @NYLInvestments
LinkedIn: New York Life Investments
LinkedIn: MacKay Municipal Managers
Presented by New York Life Investments
www.newyorklifeinvestments.com

MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
3 min
June 05 A Well-Supported Market Still Rewards Selectivity
Munis are in-demand, but investors must navigate carefully

Follow Us
Twitter @NYLInvestments
Twitter @MacKayMuniMgrs
Facebook @NYLInvestments
LinkedIn: New York Life Investments
LinkedIn: MacKay Municipal Managers
Presented by New York Life Investments
www.newyorklifeinvestments.com

MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investment Management” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
5 min

About The Muni 360 Podcast from New York Life Investment Management

From the publisher's feed

The seasoned, active investors at MacKay Municipal Managers provide valuable insights into the highly fragmented, complex, and inefficient municipal bond market. With topics that can range from public policy, market technicals, and municipal strategies for clients to consider, tune in to our monthly in-depth conversations for the team’s latest views on the municipal market.