Alex Petrone Discusses Fixed Income Broadly with an Emphasis on Opportunities in Municipals on Bloomberg’s The Close
Alex Petrone, Head of Fixed Income at Rockefeller Asset Management, joined Bloomberg’s The Close to share her outlook on fixed income markets and the opportunities emerging in municipal bonds. “The long end of the municipal yield curve is quite attractive right now for U.S. tax-paying investors,” said Petrone, citing nearly 200 basis points of slope between 2 and 30 years. She emphasized municipals as a strategic hedge amid equity market fatigue and AI-driven volatility.
Petrone also discussed seasonal technicals, record issuance, and the importance of focusing on absolute value and macro fundamentals. On the government shutdown, she noted limited near-term impact but cautioned that prolonged delays could affect infrastructure projects and growth. She emphasized the importance of bottom-up fundamental analysis to identify inefficiencies and unlock relative value across one of the most diverse markets in the world. Watch the interview, beginning at 3:15.
Views/Opinions Disclosure: The views and opinions expressed herein represent the views and opinions of Rockefeller Asset Management senior investment professionals as of the date of the interview and may differ from or conflict with those of other divisions within Rockefeller Capital Management. Certain information provided has been obtained from or is based on third-party sources believed by Rockefeller Capital Management to be accurate and reliable, but Rockefeller Capital Management makes no representation as to their accuracy or completeness. Actual events or results may differ materially from those reflected or contemplated herein. Although the information provided is carefully reviewed, Rockefeller Capital Management cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided.
Source: Refinitiv. As of October 9, 2025, the yield spread between the 2-year and 30-year municipal indices on the AAA Municipal Market Data (MMD) yield curve was 185 basis points.
Non-Solicitation Disclosure: The information herein does not constitute an offer to sell or a solicitation of an offer to buy interest in any Rockefeller Capital Management investment vehicle or product or service. Although the information provided is carefully reviewed, Rockefeller Asset Management is not responsible for any direct or incidental loss resulting from applying any of the information provided.
Fixed Income Risks: Investments in fixed income securities are subject to credit, liquidity, prepayment, and interest rate risks, any of which may adversely impact the price of the security and result in a loss.
Municipal Securities Risks: The municipal market is volatile and can be significantly affected by adverse tax, legislative or political changes and the financial condition of the issuers of municipal securities. Income from municipal bonds may be subject to state or local income tax and/or the federal alternative minimum tax
High-Yield Municipal Bond Risks: The municipal bond market is subject to certain risks, including interest-rate, credit, issuer, prepayment, liquidity, and tax risk. Interest-rate risk refers to the risk that when interest rates rise, there is a corresponding decline in bond values. Credit risk is the risk the issuer may default or be unable to make principal and interest payments. The ability to make interest or principal payments generally depends on the financial health of the municipality issuing the bond. The risk of a municipal bond obligation fluctuates depending on the financial health of the issuer, which may be more susceptible to credit risk during periods of economic stress. Non-investment grade debt securities (high-yield/junk bonds) may be subject to greater risk than higher-rated securities including greater risk of default or loss of principal.
Tax/Accounting/Legal Advisor Disclosure: The information should not be construed as accounting, tax or legal advice. Rockefeller Asset Management does not provide tax or legal advice. Please consult your tax and or legal advisor before making any financial decisions that may have tax, accounting or legal implications.
Organizational Disclosure: Rockefeller Capital Management is the marketing name for Rockefeller Capital Management L.P. and its affiliates. Investment advisory, asset management and fiduciary activities are performed by the following affiliates of Rockefeller Capital Management: Rockefeller & Co. LLC, Rockefeller Trust Company, N.A. and The Rockefeller Trust Company (Delaware), as the case may be. Rockefeller Asset Management is a division of Rockefeller & Co. LLC. RCM010440