Municipal Commentary - HilltopSecurities

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Municipal Commentary

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The Threat to the Tax-Exemption Keeps Building Amid Quantitative Stress, Qualitative Drift

The municipal bond tax-exemption is not under an imminent attack, but the threat is still building in the background because...

Drift Toward Stability Confirmed by the First Four Months of 2026 Municipal Issuance

Four months into 2026, municipal issuance is tracking close to our expected pace, consistent with a disciplined normalization year.

The Bond Buyer: FOMC preview: What comes after Powell and what should investors do?

“With the Fed expected to hold steady, municipal investors’ focus should shift to the long-end where municipal-to-Treasury ratios still look...

The Bond Buyer: Reconciliation 2.0 a real possibility

“I think that if there’s going to be something that gets done before the midterms, it’s going to be something...

Powell, Warsh, the Fed Transition and Why Long-End Municipals Still Make Sense

With the Fed expected to hold steady, municipal investors’ focus should shift to the long-end where municipal-to-Treasury ratios (M/T ratios)...

The Bond Buyer: Munis close quiet ahead of Fed week

The Justice Department closed its criminal probe of outgoing Federal Reserve Chair Jerome Powell. The investigation had been holding up...

PODCAST: Escalation in the Middle East Raises Cyber Risk for U.S. Public Finance

In the latest HilltopTalks, Tom Kozlik, Head of Public Policy and Municipal Strategy at HilltopSecurities, sits down with Omid...

Elevated Municipal Yields Persist as Private Credit Draws Scrutiny, Fiscal Concerns Build, and Long-end M/T Ratios Stay Attractive

A modest weekly outflow is not likely to break the 2026 municipal demand story when funds are still up nearly...

VIDEO: Muni Minute – A Second Look at Last Year’s Yields

In the latest MuniMinute, HilltopSecurities’ Tom Kozlik joins John Muschalek to break down what strong municipal fund inflows, a cooling...

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