Celebrating 80 Years of Financing What Matters Most. Learn More
............

Municipal Commentary

Filter Topics Below

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,...

PODCAST: Not Your Typical Muni, Inside Energy Prepay Bonds

Energy prepay bonds have become one of the fastest-growing sectors in the municipal market. In this episode of Hilltop Talks,...

Follow Tom Kozlik
on X @tomkozlik

Follow the latest updates and topical discussions
from Tom on X.

Learn More From HilltopSecurities

Commentary Overview

Economic Commentary

Thank you for visiting the HilltopSecurities website.
For best viewing experience, we recommend using Chrome, Firefox, Safari, or Microsoft Edge.