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Municipal Commentary

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The Bond Buyer: Supply falls in October YOY but still tops $50B

While down, the $50 billion is still a decent figure as interest rates were higher than most expected, said Tom...

The Fed Waits as Municipal Bonds Regain Their Defensive Role

The Federal Reserve left its target rate unchanged, but continued economic strength and persistent inflation could keep a December increase...

Barron’s: Taxes Are on the Ballot. That Could Be Bad News for Muni Bond Investors.

In actuality, California’s Proposition 3 may have more important fiscal impact than the more-publicized billionaire tax, according to Tom Kozlik,...

The Bond Buyer: AI industry’s economic gravity extends to municipal market

Tom Kozlik, head of public policy and municipal strategy at HilltopSecurities, citing Moody’s economist Mark Zandi, noted that AI accounts...

PODCAST: The Cost of Cash Basis Reporting & Public Debt Management with Harris’ Justin Marlowe

In this episode of Hilltop Talks, HilltopSecurities’ Tom Kozlik speaks with Justin Marlowe, Research Professor and Director of the Center...

The Municipal Bond Tax-Exemption Finances America’s Public Infrastructure

The municipal bond tax-exemption lowers financing costs while preserving state and local control.

Modernization Meets the Limits of Public-Sector Capacity, Results of 2026 HTS Public Finance Leaders Survey

Results from the 2026 HilltopSecurities Public Finance Leaders Survey suggest that public finance leaders have entered a period of accelerating...

A Stronger-Than-Expected Economy Is Offering Less Support to the Public Sector, While Municipal Yields and Relative Value Remain Very Attractive

Stronger than expected U.S. economic growth is masking uneven conditions, while softer hiring and weaker public-sector employment point to greater...

VIDEO: Asset TV – Higher Yields Reshape the Municipal Bond Landscape

Tom Kozlik, Managing Director and Head of Public Policy & Municipal Strategy at HilltopSecurities, discusses the recent rise in Treasury...

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