Municipal Commentary - HilltopSecurities

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Municipal Industry Commentary

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The Fed’s Independence and Credibility, Reinforced

Investor mood is shifting from bracing to building as growth looks steady, inflation is cooler, and the rate path looks...

CNBC: Munis have a strong start to 2026. Where Wall Street sees opportunity

Yields fell by about 10 basis points last week thanks largely to rising demand meeting less supply, said Tom Kozlik,...

Range Break in the Signal Hunt: Municipals Enter 2026 with Strength

Investor mood is shifting from bracing to building as growth looks steady, inflation is cooler, and the rate path looks...

PODCAST: Discount Rates Up, Liabilities Down: Pensions Are Calmer. The Risk Just Moved.

Discount rate assumptions are changing, liabilities are falling—and yet the underlying risks haven’t disappeared. They’ve just shifted. In this episode,...

VIDEO: Muni Minute – Finishing 2025 with Patience, “Range-bound” Until New Signals Arrive

HilltopSecurities’ John Muschalek and Tom Kozlik close out 2025 with a look at what the latest Fed decision, mixed labor...

Smith’s Research & Gradings: Hilltop’s Kozlik – Rate Cut Could Renew Momentum for Munis

Investors are leaning into the idea that the Fed will act decisively to support growth as signs of macro-economic and...

Finishing 2025 with Patience, “Range-bound” Until New Signals Arrive

The labor market is still bending or softening, not breaking, with October payrolls down 105,000 and November up 64,000, and...

Why the Fed’s Likely Dec. 10 Move Matters for Municipal Investors

The U.S. FOMC is poised to ease, and futures markets signal an almost certain quarter-point rate cut at the Dec....

The Bond Buyer: Congressional turnover could sink second reconciliation

“I’ve been thinking about the President talking about this potential tariff rebate,” said Tom Kozlik, managing director, head of public...

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