In this Back-to-School Edition of Muni Minute, HilltopSecurities’ John Muschalek and Tom Kozlik unpack the latest market signals, from surprising jobs data to transparency concerns at the Bureau of Labor Statistics. Kozlik shares what investors need to know as we approach a potential rate cut environment—and what the “Post-Golden Age Realignment” means for municipal credit going forward.

Highlights include:

• Falling yields and the closing window of opportunity
• Why proposed changes in jobs reporting could cloud Fed decisions
• What the end of the federal aid era means for muni credit
• Which sectors may face structural headwinds