HilltopSecurities’ John Muschalek and Tom Kozlik close out 2025 with a look at what the latest Fed decision, mixed labor data, and rangebound rates mean for municipal bond investors heading into 2026.

While the Fed delivered another 25-basis-point cut, the message was clear: fewer cuts may be ahead, and patience will matter as the market looks for clearer signals.

In this edition of Muni Minute, Tom Kozlik breaks down:

• Why municipal yields didn’t move after the December Fed meeting
• What “rangebound” rates mean as we enter 2026
• How softening labor data fits into the broader macro picture
• Why yields remain generationally attractive despite uncertainty

Tom shares timely perspective on navigating the transition from 2025 into the new year—and what investors should be watching as the data continues to evolve.