• A September rate cut appears increasingly likely after Fed Chair Powell signaled a shift in policy and acknowledged rising economic risks.
• Municipal bonds still offer attractive yields and strong relative value, reinforcing urgency to act before the Fed moves and the opportunity fades.
• While not under immediate threat, the municipal bond tax-exemption—recently reaffirmed in the One Big, Beautiful Bill Act—is once again facing scrutiny. A new memo from the Economic Policy Innovation Center calls for its repeal, signaling potential future challenges for infrastructure financing. This development underscores the importance of continued vigilance and proactive advocacy.

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