Preferreds and Munis
July 20, 2008
Hickey and Walters (Bespoke) submit:
On Monday we posted on the struggling preferred stock market. Since its lows earlier in the week, the S&P Preferred Stock index has rallied sharply off the lows.
The decline and snapback rally in preferreds reminds us of the collapse in municipal bonds and their subsequent rally back in February. Below we highlight a chart of PFF (preferred stock ETF) and MUB (muni-bond ETF) since last September. Both are supposed to be relatively stable asset classes, but they have been anything but this year. But hopefully PFF can rally back like MUB did in the month or two following its February bottom.
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