• Skyrocketing policy uncertainty: Significant increase in policy uncertainty due to President Trump's protectionist policies, leading to increased fears of a looming recession.
• Economic and geopolitical costs: Immense economic and geopolitical costs of a trade war, initially underestimated, are posing challenges for business and government planning.
• Economists’ warnings and municipal sector resilience: Leading economists warn of a potential recession, but municipal credit has historically remained resilient during downturns.
• Municipal bond buying opportunity: Despite economic and policy uncertainty, municipal investors can take advantage of generationally attractive tax-exempt yields and compelling relative value indicators.

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