MS 12 22,?

While investors may be focused on the gridlock僵局?on the Build Back Better fiscal plan, we think it makes sense to shift our focus from Capitol Hill美國國會?to the Federal Reserve.

Last week, the Fed announced a more aggressive tapering of asset purchases. Perhaps more importantly, it signaled an expectation of hiking interest rates three times next year.

Municipal bond credit quality is likely to remain quite strong in 2022, with continued strong economic growth allowing municipal entities to lock in their credit gains from government aid and a sharp GDP recovery in 2020 and 2021. So, if volatility leads to price weakness, we're likely to see this as an opportunity to add good credit, just at a cheaper valuation.

WeChat 12 29

A boon for Big Four from increased demand for their services from corporate clients

1.?????Digital transformation, getting their biz and employees online

2.?????ESG (environmental, social and governance) emphasis surged

3.?????Brexit concerns, supply chain shortage

WC 12 28

Crypto assets like CityDAO inspire new brand of collectivism beyond finance, hundreds of decentralised autonomous organisations, loose groups of cryptocurrency users who band together for a central purpose, whether it be governing an open-source software program or buying real-world assets. DAOs can have more “accessibility and transparency” than corporations but project face many legal hurdles in the US, where companies must adhere to strictly defined regulations.