Munis are a great way to earn tax-advantaged income, BlackRock says.
Municipal bonds are a great way for investors to grab some tax-advantaged income, they'll just have to be nimble, according to BlackRock. The income earned on muni bonds are free of federal taxes, so the assets are typically favored by wealthy investors. In addition, if the investor resides in the state where the bond is issued, they may also avoid state taxes.
When it comes to duration, the firm is neutral, which means it aims to match the duration of the benchmark. The S & P Municipal Bond Index has a modified duration of 5.95 years. That said, BlackRock started to selectively add duration in May, finding the 13- to 15-year part of the curve interesting. It comes down to investor preference on duration and credit quality, Carney said. For instance, he also sees some opportunities in the high-yield space.
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