U.S. midterm elections have MacKay Municipal Managers, a team of municipal bond investors at MacKay Shields, watching closely for state ballot initiatives that may lead to policy change.
The muni bond team at MacKay, an investment firm owned by New York Life Investment Management, said in the note that they’re “closely watching proposed millionaire tax increases in California and Massachusetts, and a proposed reduction in the state flat tax rate in Colorado.” This year, the team said it sees “much smaller amounts in bond issuance ballot measures.” They pointed to “only $4.9 billion” — including $4.2 billion tied to the State of New York’s environmental bond proposal — compared with more than $25 billion in 2018.
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