Thomas Kozlik, first-team All-Star Generalist and director of research at HilltopSecurities, expects only $350 billion of total municipal bond market issuance in 2023. He explained, "Economic growth will be lower next year whether the economy goes into a recession or not, and this will drag new money issuance down. Higher interest rates will reduce refunding activity. We outline our specific U.S. GDP and interest rate base case inside."

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