HilltopSecurities’ John Muschalek and Tom Kozlik launch the first MuniMinute of 2025 by exploring promising opportunities for municipal bond investors amid evolving conditions. Policy shifts under the Trump administration suggest impactful changes—worth watching closely. Tax-exempt yields remain compelling, a strength in uncertain times. The golden age of public finance has transitioned, but credit quality holds firm. Drawing from the 2025 Municipal Market report, they outline the road ahead.