After the longest federal government shutdown in history, HilltopSecurities’ Tom Kozlik returns with timely insights into what lies ahead for municipal markets.

In this episode of Muni Minute, Tom joins John Muschalek to explain how the end of the shutdown could trigger a wave of delayed economic data—and why that data could quickly shift market expectations for rates and muni yields. They also cover why 2026 municipal issuance could pull back slightly—despite strong demand.

Read some of Tom’s latest commentaries:

• September Jobs Data Clears One Cloud, But the Forecast Stays Gray and Unclear
• Importance of the Signal Hunt Intensifies as Market Sentiment Shifts
• The Shutdown Ends and the Signal Hunt Begins