Interest rates are at the highest levels in more than two decades, Fitch downgraded the U.S. sovereign rating to AA+ from AAA, and primary market municipal issuance came in at about $26 billion in the month of July. Tom Kozlik, Head of Public Policy and Municipal Strategy at HilltopSecurities, explains how all these actions are impacting the muni bond market and how his forecast is shaping up for the rest of the year.