Latest news with #GCAL
Yahoo
2 days ago
- Business
- Yahoo
What the 'Big, Beautiful' tax bill means for municipal bonds
JPMorgan raised its forecast for municipal bond sales in 2025 to $560 billion as US lawmakers deliberate over President Trump's "big, beautiful" tax and spending bill in the Senate. Goldman Sachs Asset Management co-head of municipal fixed income Sylvia Yeh weighs in on what policy changes to the US tax code could mean for municipal bond investors, as well as valuation catalysts in comparison to Treasury yields (^TYX, ^TNX, ^FVX). Goldman Sachs manages several municipal bond ETFs (GMUB, GCAL, GMNY, GUMI). To watch more expert insights and analysis on the latest market action, check out more Catalysts here. So, it seems like the potential worst-case scenario has been taken off the table in terms of the tax bills implications for munis. Talk to me about that. Yep. I mean, to start the year, we definitely had a lot of headline around the muni market. I feel like we get that from time to time with the change in administration. And maybe this time we really thought there was going to be a chance that the tax exemption would be disruptive, uh, disrupted, nevertheless, uh, you know, potentially removed. So it's been great to finally feel some sense of relief come back to the market, uh, believing that that's off the table. Um, I don't think that means that munis are safe. I think that there will be, um, you know, just tangential, um, implications with respect to maybe endowment taxes, um, maybe certain sectors of the market still on the table if the administration is looking for dollars, but the tax exemption in totality, as it stands and what we all look for when we're investing in the municipal market, seems to be okay for now. Yeah. And you mentioned that's a removal of a big headwind, but there are also still other potential policy risks on the table for munis. Why is now the right moment for investors to be looking into municipal bonds? Yeah, um, and it's nice to actually feel that it's a great time to invest in municipal bonds. Um, we have a few really nice, you know, tailwinds here. And I think the yield environment, first and foremost, for a really long time, we were in a period where investors weren't really excited about where actual yields were. Why invest? Why not just sit in cash? Um, so to see yields in being an environment where we're actually seeing nominal yields north of 100 basis points higher than they've been over the last 10 years on average across the curve is pretty exciting. Like there is meaningful income behind that. Um, and then I would say from evaluation perspective, when you compare it to treasuries, which is a natural for most muni investors, the valuations are saying that the muni market is attractive. Like lean in, dip your toe in. And then if we look from a credit profile, um, which is, you know, a real strength that we have in the muni market, credit fundamentals remain strong, and I think that's a really important message. So you have three major boxes ticked, and it's almost like, what else are we waiting for? The time is right. And since you mentioned it, I am curious about any sort of competition that might occur with US treasuries. We have some folks who come on and say they still see the 10-year hitting above a 5% yield this year. Does that present a headwind to muni bonds in any way? Talk to me about that. Yeah. I mean, sure. So I think we're always looking at, um, muni's fair value versus treasuries. I think we are looking at taxable muni versus treasuries. I think that there is a preference or a belief that treasuries offer more liquidity versus munis. Uh, I think that the current market landscape is actually encouraging us to look beyond traditional fixed income in munis and treasuries and look at corporates, investment grade corporates, right? And looking at that pack of four, um, almost as close as, you know, I guess the credit profiles you can expect, and looking as to where the value and where the opportunity is across all four of them. So using treasury as the base point, um, even though it's no longer triple A, um, but using that as our baseline, where we want to get started and what we think the value is. Excuse me. Um, and what the actual portfolio composition would look like. I think there's going to be opportunity across the board and across those four sectors, um, just given the uncertainty and the volatility that's going to stay with us through the end of the year.
Yahoo
2 days ago
- Business
- Yahoo
What the 'Big, Beautiful' tax bill means for municipal bonds
JPMorgan raised its forecast for municipal bond sales in 2025 to $560 billion as US lawmakers deliberate over President Trump's "big, beautiful" tax and spending bill in the Senate. Goldman Sachs Asset Management co-head of municipal fixed income Sylvia Yeh weighs in on what policy changes to the US tax code could mean for municipal bond investors, as well as valuation catalysts in comparison to Treasury yields (^TYX, ^TNX, ^FVX). Goldman Sachs manages several municipal bond ETFs (GMUB, GCAL, GMNY, GUMI). To watch more expert insights and analysis on the latest market action, check out more Catalysts here. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
3 days ago
- Business
- Yahoo
What the 'Big, Beautiful' tax bill means for municipal bonds
JPMorgan raised its forecast for municipal bond sales in 2025 to $560 billion as US lawmakers deliberate over President Trump's "big, beautiful" tax and spending bill in the Senate. Goldman Sachs Asset Management co-head of municipal fixed income Sylvia Yeh weighs in on what policy changes to the US tax code could mean for municipal bond investors, as well as valuation catalysts in comparison to Treasury yields (^TYX, ^TNX, ^FVX). Goldman Sachs manages several municipal bond ETFs (GMUB, GCAL, GMNY, GUMI). To watch more expert insights and analysis on the latest market action, check out more Catalysts here.
Forbes
6 days ago
- Business
- Forbes
GCAL By Sarine Gemstone ID Lab Communicates Ethos Of Integrity At JCK
GCAL By Sarine's proprietary; radically rigorous 8X Ultimate Diamond Cut Grading standards assess ... More round, marquise, pear, princess, oval and radiant cut diamonds. According to Avi Levy, New York-based Chief Growth Officer at the gemstone identification laboratory GCAL by Sarine, 'While consumer trust in diamond and colored gemstone grading labs is essential for a healthy, high-functioning gemstone market and jewelry industry, many diverse factors contribute to this trust.' To begin with, Levy insisted, 'Of primary importance is using crystal clear terms to communicate grading standards and the criteria used to assess a diamond's characteristics.' Labs like GIA, IGI and GCAL by Sarine are consulted by consumers and those in the gem and jewelry trades due to their consistency, accuracy, and adherence to strict gemological standards. (GCAL by Sarine's parent company Sarine Technologies Ltd. is a publicly traded company that develops, produces and sells technologies for the diamond industry, including devices for the planning, analysis and grading of rough and polished diamonds.) This writer spoke to industry veteran Levy and GCAL by Sarine president Angelo Palmieri as they were launching the lab's new 8X Radiant Cut Grade at the JCK show in Las Vegas. As North America's largest gemstone and jewelry-related trade show, JCK is a foundational platform for labs like GCAL by Sarine to articulate advances in diamond grading standards. By extension, JCK serves as a venue for building trust in those standards among the jewelry manufacturers, retailers and designers who ultimately articulate those standards to consumers. Consumer trust in gemstone identification labs is so absolutely vital as those businesses provide objective, third-party assessments that help consumers, retailers and others understand, and verify, a diamond's quality. 'GCAL written assessments help clients make decisions informed by objective evidence,' Levy opined, 'rather than marketing statements or emotion.' But how does a company like GCAL by Sarine go about grading diamonds and other gemstones, plus communicate with customers so all parties learn and benefit from the interaction? As Levy explained, 'Just as all diamonds, colored gemstones and pearls are unique, each gem identification and grading laboratory is unique in that it follows proprietary protocols-- and embodies a singular ethos. GCAL,' he continued, 'is the only gem ID and grading lab in the world to offer a 4Cs Grading Guarantee. GCAL," he maintained, "provides an unparalleled assurance of diamond quality with every certificate it issues.' This grading guarantee, Levy continued, 'ensures accuracy, consistency, and transparency, delivering three vital values that consumers, retailers and manufacturers" all deserve-- yet may never obtain. 'We are here to help customers understand the factors that contribute to a diamond's value and beauty,' Levy detailed. 'We educate our clients and our website educates the public by detailing the whys and wherefores of diamond grading and the factors that affect a diamond's value.' Equally important, in the very rare cases in which GCAL issues a report that is later proven to be inaccurate, if a diamond's grading is found to be lower than what's stated on the GCAL certificate, the company will reimburse the customer the difference between what they paid and the fair market value of an equivalent diamond. 'We will pay the difference and make the customer whole,' Palmieri said. 'We are too committed to our customers, and to the truth, to do anything else.' FEATURED | Frase ByForbes™ Unscramble The Anagram To Reveal The Phrase Pinpoint By Linkedin Guess The Category Queens By Linkedin Crown Each Region Crossclimb By Linkedin Unlock A Trivia Ladder Moreover, Levy noted, GCAL is constantly striving to develop deeply discerning cut grades in order to provide more rigorous protections for clients, whether they be newlywed consumers, retailers, jewelry manufacturers or global jewelry brands. For example, Levy explained, 'GCAL developed a radically rigorous cut grade to differentiate the best, brightest and most beautiful diamonds from all others, called the 8X Cut Grade. Unlike many other gem identification labs, we thoroughly assess the diamond in terms of light performance." This is important, Palmieri said, 'because certain cuts, such as Fancy Shaped oval, marquise and pear can be more prone to ugly shape outline issues or what we call the bow-tie effect, which is a darker area caused by light leakage." A bow-tie can make the diamond appear dull or shadowy, which in turn can lower the value of the stone." In 2025's diamond market, Levy emphasized, 'more than half of all the round brilliant cut diamonds are given Excellent cut grades, but less than one per cent qualify as 8X. The GCAL 8X Ultimate Cut Grade, he continued, 'gives quality-conscious, discerning consumers a way to confidently select the most brilliant and beautiful diamonds, even when purchasing them online, sight unseen.' As Palmieri observed, 'If you care about cut, you will care about 8X and its radically thorough standards for assessing different diamond cuts.' Another way that GCAL by Sarine is building trust with clients involves 'documentation of diamond origin and AI diamond grading,' Levy said. For example, 'Artificial Intelligence (AI) makes verifiable diamond traceability possible. GCAL by Sarine technology captures extensive data about each and every diamond at a given mine, tagging each stone with a unique, unalterable registration number and then tracks it on its journey through the manufacturing process, while adding information along the way. This information is stored securely in the Sarine cloud,' Levy stated, 'and several safeguards are in place to prevent tampering or falsification.' As Palmieri put it, 'We're a heritage company that started like a premium small-batch label and yet we grew globally without ever compromising. People trust us because we do things right, with precision, integrity, and heart.' What's more, he added, 'We've been using AI-based color and clarity grading technologies since 2018, well before many of our competitors even knew what AI was, so we remain ahead of the curve.' Levy added that GCAL collaborates with various organizations to address ethical concerns related to diamond sourcing and the environment. 'In this industry,' he noted, 'you are only as strong as your alliances, and we nurture our alliances with fellow stakeholders for the good of our business and the consumers who support us.'
