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Municipal Commentary

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The Transition from Credit Momentum to Credit Selection, Public Finance Enters a More Demanding Phase

Our 2026 Sector Credit Outlook anticipated that the municipal bond credit backdrop was moving from broad credit momentum toward a...

Many Public Pensions Look Better, but Credit Risk and Hard Choices Remain

Public pension funding has improved, but risk has not disappeared. Equable estimates the national funded ratio reached 85% in 2026,...

The Digital Front Line Runs Through Public Infrastructure, Recent Attacks on Water Infrastructure in at Least Seven U.S. States

Federal warnings about critical infrastructure cyber risk are no longer theoretical.

Inflation and Everything Else, Second Half 2026 Municipal Outlook

Inflation remains the central constraint for the second half of 2026.

The Future of Money, Again: The New Rails of Finance Are Already Being Built

The next phase of money is unlikely to arrive all at once. Like many major shifts in financial history, adoption...

CNBC: Munis are having a solid 2026. Investors can still grab ‘generationally attractive yields’

Investors gravitated to munis because they were looking for stability in their portfolios, said Tom Kozlik, head of public policy...

Smith’s Research & Gradings: Tom Kozlik to Speak at PhAMAS Event on July 16

Smith’s Research & Gradings recently highlighted an upcoming Philadelphia Area Municipal Analyst Society panel discussion that will include HilltopSecurities Head...

The Bond Buyer: Local government sector faces challenges, some still bullish

Budget discipline was even more important this year, labor/staffing remains a top challenge and compensation costs for state and local...

The Bond Buyer: Munis little changed, USTs cheapen toward the front end

One of the big stories of the year has been demand, which is supporting the market, especially with robust supply,...

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