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Public Finance
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June 2019: Threat to the Tax Exemption
July 2019: It is News, Not Just Noise
What May Be the Future of Bondholder Recoveries?
Municipal Bond Sector Credit Outlooks
Social Impact Investing Through CDFIs
Threat of Cyber, Ransomware Attacks Remains
Barriers to Fully Funding Public Pensions
Watching ESG Factors in California
2020 Volume Forecast Preview
CRA Reform is on the Table, Regulatory Update
Municipal Bond Market 2020 Preview and Decade Recap
Small Increase for HUD Public Housing Capital Fund
The Coming Climate Change Reallocation
Uncertainty – What The Municipal Market Knows and Doesn’t Know About COVID-19
Falling Confidence and No Federal Stimulus Increase to Start the Week
Lowered Airport Sector Outlook: Recent COVID-19 Impact
Municipal Market Update: COVID-19 Impact Worsens
Municipal Market Update: Week of March 16 Playbook
$12 Billion Flows Out of Municipal Funds, Recent Monetary & Fiscal Policy
March 16 Market Activity: HilltopSecurities Lowers Credit Outlooks Due to Unprecedented Steps Taken to Contain COVID-19
March 17 Market Activity
March 18 Market Activity – A Focus on the Significant Pressure in the VRDO Market
Tax Deferrals, Market Needs Help With Liquidity, Federal Government Support
Congress Working on $2+ Trillion of Stimulus; Fed Provides More Targeted Support for Municipals
Still Waiting on Congress, Looking for State and Local Government Stimulus
Agreement on the $2+ Trillion CARES Act; Not Nearly Enough for State and Local Governments
House Speaker Pelosi Wants More for State and Local Governments in Potential Fourth Phase
Four Weeks In March
U.S. Airport Sector View - A Month Into COVID-19
Private Higher Education - Impact from Social Distancing
Public Higher Education - A Closer Look
Mass Transit - From Here to There
Three Key Atypical Credit Risks & Market Update
Non-Profit U.S. Healthcare - Rising Costs of Care from the COVID-19 Pandemic
Rating Agencies - Assessing Ability and Willingness in the New COVID-19 Normal
More Good News than Bad this Week
Governments on Deadline for $150 Billion of CARES Act Relief
Health Crisis Abates, Market Normalizing, & Watching Credit Quality
No Relief
Push the Pause Button-Elevating the Level of Political Risk
2020 Municipal Bond Analyst Survey
Fed Expands Municipal Liquidity Facility, Provides Details
Credit Deteriorating, Moody’s Lowers State Outlook to “Negative”
Single Family Housing, Durability Will Help Endure the New COVID-19 Normal
Credit and Market Update
Updated Pricing Detail: Federal Reserve’s Municipal Liquidity Facility
The HEROES Act: The House Democrats’ Opening Proposition
Municipal Credit Two Months into the New COVID-19 Normal
State of Confusion
COVID-19 Relief, New York City to Reopen June 8, 2020
More Hurdles to Financial Equilibrium, Recovery, and Growth
Inherent Conflict in Returning to Normal
Illinois Taps Fed’s Municipal Liquidity Facility, Fed Expands Eligibility
State and Local Relief Not Likely Until July; Delayed by Demonstrations, Other Agenda Items
Jobs Up, Unemployment Rate Down, Government Jobs Gutted
“Defund the Police” Meaning, Influence on Budgets and Pensions
The Decline of Social Distancing and its Economic Impact
Local Schools on the Road to Reopening in Fall 2020
Fed Launches Main Street Lending Program, Mulls Expansion to Non-Profits
Infrastructure Rising to Top of Legislative Agendas
Economic Recovery Proposal, State and Local Relief Key Component
Labor Market Remains Significantly Challenged; Jobless Claims (1.508 Million) Above Consensus Estimate Fuels Relief Demand
Fed Pledge to Buy Corporates Underway; Nothing New for Municipals
$1.5T for Infrastructure in Proposed “Moving Forward” Act, Municipal-Friendly Elements Included
Quiet Phase Two for NYC, More Relief “Absolutely Critical” for NYMTA
COVID-19 is a National Stress Test; Surprise Record Infections, Policy Shifts Occurring
The New Surge Renders Thursday’s June Jobs Numbers Meaningless, Almost Ensures Federal Relief in July
Another Corporate Facility Launched, Fed Chair’s Prepared Comments are Stale, & PPP Expires
No Municipal Debt Binge, and There Won’t Be One
Jobs Up Again, Too Much Uncertainty from Reopening Rollback, Spread of the Virus Still What Matters
Mobility Index Falling in Select States, Warns Recent Improvements Could Be At Risk
Public School Federal Funding, State/Local Government Likely to See Aid
President’s Tweet Not an Immediate Threat
Municipals Shrug Off Reopening Rollback
The Political Risk of Phase Five and the Next Three Weeks
Lines are Being Drawn
COVID 5
Job Market Improvement Stalled, Implications for Fiscal Policy Uncertain
Fed Expands Main Street Lending Program Eligibility to Include Nonprofits
The HEALS Act: Republicans' Fifth Phase Proposal, Almost Final
COVID-19 Spending to Date Not an Accurate Indicator of Need
Rating Agencies' Questions About US Governance and Policy Gridlock
Labor Market Stunted, Recovery Halted, Negotiations Paused, and Strong Demand for Municipals Continues
July Nonfarm Payroll Data Emphasizes Substantial State/Local Government Job Reduction Since Feb., Despite Monthly Increase
Something is Better than Nothing As President Attempts to Assist But Offers No Adequate Alternative to Congressional Action
“This is Not a Game,” Leader McConnell Said; Relief Talks Have Stopped, Not Stalled
Fed Drops Municipal Backstop Pricing by 50 Basis Points, Still Very High
Public Finance Downgrades to Outpace Upgrades, Probably for Years
If Taxes Go Higher, Demand for Municipals Will Also Rise
Politics and the Democratic Convention, Polls Narrowing
The Fed Backstops $451 Million of NY MTA Notes Despite Efficient Market Conditions
Contemplating Infrastructure, Chances Bond-Friendly Elements are Included
RNC, Position of Strength Since Executive Actions, and Implications for State/Local Govt. Relief
Higher Education Sector Using Debt As COVID-19 Liquidity Buffer
Passenger Volumes Still Muted, Air Cargo Volume Supports Select U.S. Airports
Still No Agreement, Mixed Sense of Urgency Despite Historically Weak Data & Aid Requests
A (Possible) Step Closer in COVID-19 Negotiation, COS Meadows on "Meet the Press"
State and Local Aid is Key Roadblock, Says COS Meadows, But Offers $300 Billion
Hotel California (Such a Lovely Place), Unique Tax Policies Under Consideration
In a K-Shaped Recovery, Governments and Non-Profits Could Be Among Those That Fade
Watching How U.S. Fiscal and Monetary Policy Impacts the Municipal Bond Market
Municipal Issuers Rushing to Market Before Election “Month”
"March to Common Ground" Bipartisan Proposal Calls for $500 Billion for State/Local Governments
Rush to Market Continues, $14 Billion of Municipal Issuance Coming Next Week
How Long Will We Work From Home?
Election 2020: Results Will Impact the Economy, Markets, and Municipal Bonds
President Trump Tests Positive
29 Days
White House Walks Away from COVID-19 Relief Talk Table
Still No Full Recovery for State & Local Governments, nor Hours Worked
Heavy Supply, Positive Flows (Returned), Rising Benchmark Yields in the Municipal Market
Fed’s MLF Offered to Public Finance Entities, Municipal Bond Market Should Be Extended
Initial Jobless Claims Rise, State & Local Jobs Still Below Financial Crisis Level, More Job Cuts Loom
The Next, Next Thing in 2020: What the Next COVID-19 Wave Means, Higher-Ed
What We're Watching This Week: Third Wave, Election 2020, Government Relief
Clarifying the Magnitude of COVID-19 Related Federal Aid for State and Local Governments: $277 Billion, Much Restricted
The Slow Rebound of Air Travel
No Mass of Public Finance Downgrades Yet, Movement After Evaporating Government Support Better Indicator
Daily Record Number of COVID-19 Cases Surpasses 100k, Continues Rising
Renewed State and Local Government Job Pain, More Expected
Third Wave Worsens, Increases Potential for Shutdowns
President-elect Continues to Indicate "Worst Pandemic in a Century Requires Attention"
Infrastructure Gap Barely Dented by Record 2020 Bond Sales, Expect Lower 2021 Issuance
D.C. Deadlines: Government Funding and the “Benefits Cliff,” MLF's Expiration, Transit Cuts Announced
November Sees Third Straight Month of State and Local Government Job Losses
Funding Deadline Pushed, Hope for COVID-19 Relief Remains
Ginnie Mae Extending Temporary Relief for Servicers
Optimistic Scenarios Related to Vaccines and COVID-19 Relief
Final Municipal Liquidity Facility Transactions, Most Likely
Gone to Texas, A Land of Opportunity
Leadership Working on Support for $908 Billion Bipartisan COVID-19 Relief Proposal(s)
D.C. Nears an Almost $1 Trillion Fifth Phase COVID-19 Relief Compromise
Late and Limited is Better Than Nothing
HFA Prepay Report (December 2020 Factors), Delinquency Trends, and Outlook
Fifth Phase of Fiscal COVID-19 Relief is No State and Local Government Windfall
Georgia Run-Offs Begin New Year, Important to Watch for Credit Quality
COVID-19 Spread Remains Out of Control to Begin 2021
Democrats’ Legislative Agenda Could Begin With $2K Payments, Relief, & Infrastructure Totaling $3 Trillion
State and Local Government Job Losses in Three of Last Four Months Illustrate Continued Budget Pressures
Housing Fundamentals Remain Solid and Our Housing (HFA) Sector Outlook Remains “Stable” to Begin 2021
President-elect Biden’s First Stage Rescue Package, Prelim Overview
Biden’s $1.9 Trillion First Stage Rescue Package, What it Could Mean for Municipals
Yellen Confirmation Hearing: Supports Defeat of Pandemic, Loss of Government Jobs Described as “Economic Malpractice”
Economic Commentary
Less Bad is the New Good
Labor Market Shocker Hints at an Early End to Recession
Cautious Fed to Hold Rates at Zero Through 2022
Disinflation in the COVID-19 Era
Notes on the June Bloomberg Economists Survey
Consumers Spring Back in May
COVID-19 Clouds the Economic Picture
Home Sales Reflect Shutdown and Reopening
Virus Threat Rattles Markets
Eco News is Upbeat Amid Growing Virus Concerns
Job Returns Accelerate in June
2020 Q2 Economic Recap and Rate Outlook
Short Yields Slip to Record Lows as Uncertainty Reins
Notes on the July Bloomberg Economists Survey
Government Support Fuels Consumer Spending
Home Sales Surge While Evictions Loom
The Fed Pledges Continued Support (Again)
The Worst Ever was Better than Expected
Purchasing Managers Upbeat Despite Labor Uncertainty
Jobs Continue to Return...but at a Slower Pace
On a Wing and a Prayer; Airline Struggles Continue
Federal Aid Fuels Consumer Spending in July
Notes on the August Bloomberg Economists Survey
Unemployment Claims Rise as Job Market Remains Sick
Record-Low Mortgage Rates Drive Housing Recovery
Auto Production Drives July Business Spending
Fed Announces Shift in Inflation Policy
ADP Report Indicates Slowing Pace of Rehires
Labor Conditions Improving as Govt. Support Fades
Rising Claims Suggest Moderation of Job Gains
Notes on the September Bloomberg Economists Survey
August Retail Sales Moderate
Fed Expects to Hold Rates at Zero at Least Through 2023
Housing Booms While Delinquencies Rise
Still More Data Supporting the Robust Third Quarter Rebound
Markets Ignore Solid September Job Gains
2020 Q3 Economic Recap and Rate Outlook
Notes on the October Bloomberg Economists Survey
Stimulus Talks Flop / Consumer Prices Moderate
Labor Market Gains Fading
Consumer Spending is Plenty Brisk at Quarter End
Strong Data Supports Record Q3 GDP Growth
The Historical Third Quarter GDP Report and Beyond
ISM Manufacturing Index Indicates Solid Start to Q4
Fed is Quiet as Election Results Play Out
Employment Picture Brightens in October
Inflation Retreats as Virus Threat Rises
Slowing Retail Sales Hints at Slower Q4
No End in Sight to Housing Boom
A Mixed Bag for the Holidays
Economic Data Still Mostly Solid as the Virus Spreads
Disappointing Payroll Report Argues for Fiscal Support
Economic Odds and Ends
Congress Bickers as Midnight Shutdown Looms
Virus-Tinted Consumer Spending Sags in November
Steady Fed Holds the Line on Asset Purchases
Rising Unemployment Claims Pressures Congress to Act Now
2020 Q4 Economic Recap and Rate Outlook
Optimism Reigns Despite Surging Virus
December Job Loss Increases Urgency for Aid
Unemployment Filings Soar as COVID Asserts Itself
Less Consumer Spending Over Holidays, but Help on Way
Locations
Team Members
David Medanich
Awards and Rankings
Useful Links
Year in Review
The 2018 Yield Curve
Libor Transition to SOFR
5 Years of Municipal Bond Finance
Tax Exempt Interest Rates
General Interest Rates
Arbitrage Rebate
Structured Finance
Continuing Disclosure
Municipal Cash Management
HTS Commentary Archive
Wealth Management
Clearing Services
Overview
Products & Services
Technology
Team Members
Become a Partner
Tax Resources
Find a Branch
Client Resources
Individual Solutions
Cash Management
Credit & Lending
College Savings
Futures
Insurance
Investments
Legacy & Estate
Retirement
Small Business
Our Process
Tax Resources
Team Members
John Muschalek
Will Nelson
Anton Berends
Mike Cogliano
Steve K. Jones
Alan T. Lennick
Peter G. Cappos
Advisor Recruiting
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Meet the Team
Team Members
Michael Marz
William Vogelpohl
Richard Konkel
Elizabeth Funk
Kelly Casto
Michael Medanich
About Us
Our Mission and Values
History
Corporate Leadership
Jon Sobel
M. Bradley Winges
Clare Graca
Lana Calton
Mike Edge
Hill A. Feinberg
Jason Lisec
A.J. Maggio
Michael J. Marz
David Medanich
John R. Muschalek
Brian Wittneben
Community Involvement
Diversity and Inclusion
HilltopSecurities’ Marti Shew Named Rising Star
Professional Insights: A Women’s Roundtable
All Stars Project Honors HilltopSecurities
HTS Banker Named Rising Star by The Bond Buyer
Medina Earns Minority Business Leader Award
Laura Alexander Honoree for DBJ’s Women in Business Award
Investigate What Interests You
The Bond Buyer Names Andre Ayala 2019 Rising Star
HilltopSecurities Named Housing Partner of the Year
HFA Flexibility Drives New Demand for DPA
Tonya Todd Receives Affordable Housing Award
Advancing Diversity in Financial Services
HilltopSecurities University
Hilltop Holdings and Related Companies
Public Finance
Municipal Advisory
Sectors
Underwriting
Continuing Disclosure
PEB Trust
Government Investment Pools
HSAM
Investment Management
Arbitrage Rebate
Municipal Commentary
June 2019: Threat to the Tax Exemption
July 2019: It is News, Not Just Noise
What May Be the Future of Bondholder Recoveries?
Municipal Bond Sector Credit Outlooks
Social Impact Investing Through CDFIs
Threat of Cyber, Ransomware Attacks Remains
Barriers to Fully Funding Public Pensions
Watching ESG Factors in California
2020 Volume Forecast Preview
CRA Reform is on the Table, Regulatory Update
Municipal Bond Market 2020 Preview and Decade Recap
Small Increase for HUD Public Housing Capital Fund
The Coming Climate Change Reallocation
Uncertainty – What The Municipal Market Knows and Doesn’t Know About COVID-19
Falling Confidence and No Federal Stimulus Increase to Start the Week
Lowered Airport Sector Outlook: Recent COVID-19 Impact
Municipal Market Update: COVID-19 Impact Worsens
Municipal Market Update: Week of March 16 Playbook
$12 Billion Flows Out of Municipal Funds, Recent Monetary & Fiscal Policy
March 16 Market Activity: HilltopSecurities Lowers Credit Outlooks Due to Unprecedented Steps Taken to Contain COVID-19
March 17 Market Activity
March 18 Market Activity – A Focus on the Significant Pressure in the VRDO Market
Tax Deferrals, Market Needs Help With Liquidity, Federal Government Support
Congress Working on $2+ Trillion of Stimulus; Fed Provides More Targeted Support for Municipals
Still Waiting on Congress, Looking for State and Local Government Stimulus
Agreement on the $2+ Trillion CARES Act; Not Nearly Enough for State and Local Governments
House Speaker Pelosi Wants More for State and Local Governments in Potential Fourth Phase
Four Weeks In March
U.S. Airport Sector View - A Month Into COVID-19
Private Higher Education - Impact from Social Distancing
Public Higher Education - A Closer Look
Mass Transit - From Here to There
Three Key Atypical Credit Risks & Market Update
Non-Profit U.S. Healthcare - Rising Costs of Care from the COVID-19 Pandemic
Rating Agencies - Assessing Ability and Willingness in the New COVID-19 Normal
More Good News than Bad this Week
Governments on Deadline for $150 Billion of CARES Act Relief
Health Crisis Abates, Market Normalizing, & Watching Credit Quality
No Relief
Push the Pause Button-Elevating the Level of Political Risk
2020 Municipal Bond Analyst Survey
Fed Expands Municipal Liquidity Facility, Provides Details
Credit Deteriorating, Moody’s Lowers State Outlook to “Negative”
Single Family Housing, Durability Will Help Endure the New COVID-19 Normal
Credit and Market Update
Updated Pricing Detail: Federal Reserve’s Municipal Liquidity Facility
The HEROES Act: The House Democrats’ Opening Proposition
Municipal Credit Two Months into the New COVID-19 Normal
State of Confusion
COVID-19 Relief, New York City to Reopen June 8, 2020
More Hurdles to Financial Equilibrium, Recovery, and Growth
Inherent Conflict in Returning to Normal
Illinois Taps Fed’s Municipal Liquidity Facility, Fed Expands Eligibility
State and Local Relief Not Likely Until July; Delayed by Demonstrations, Other Agenda Items
Jobs Up, Unemployment Rate Down, Government Jobs Gutted
“Defund the Police” Meaning, Influence on Budgets and Pensions
The Decline of Social Distancing and its Economic Impact
Local Schools on the Road to Reopening in Fall 2020
Fed Launches Main Street Lending Program, Mulls Expansion to Non-Profits
Infrastructure Rising to Top of Legislative Agendas
Economic Recovery Proposal, State and Local Relief Key Component
Labor Market Remains Significantly Challenged; Jobless Claims (1.508 Million) Above Consensus Estimate Fuels Relief Demand
Fed Pledge to Buy Corporates Underway; Nothing New for Municipals
$1.5T for Infrastructure in Proposed “Moving Forward” Act, Municipal-Friendly Elements Included
Quiet Phase Two for NYC, More Relief “Absolutely Critical” for NYMTA
COVID-19 is a National Stress Test; Surprise Record Infections, Policy Shifts Occurring
The New Surge Renders Thursday’s June Jobs Numbers Meaningless, Almost Ensures Federal Relief in July
Another Corporate Facility Launched, Fed Chair’s Prepared Comments are Stale, & PPP Expires
No Municipal Debt Binge, and There Won’t Be One
Jobs Up Again, Too Much Uncertainty from Reopening Rollback, Spread of the Virus Still What Matters
Mobility Index Falling in Select States, Warns Recent Improvements Could Be At Risk
Public School Federal Funding, State/Local Government Likely to See Aid
President’s Tweet Not an Immediate Threat
Municipals Shrug Off Reopening Rollback
The Political Risk of Phase Five and the Next Three Weeks
Lines are Being Drawn
COVID 5
Job Market Improvement Stalled, Implications for Fiscal Policy Uncertain
Fed Expands Main Street Lending Program Eligibility to Include Nonprofits
The HEALS Act: Republicans' Fifth Phase Proposal, Almost Final
COVID-19 Spending to Date Not an Accurate Indicator of Need
Rating Agencies' Questions About US Governance and Policy Gridlock
Labor Market Stunted, Recovery Halted, Negotiations Paused, and Strong Demand for Municipals Continues
July Nonfarm Payroll Data Emphasizes Substantial State/Local Government Job Reduction Since Feb., Despite Monthly Increase
Something is Better than Nothing As President Attempts to Assist But Offers No Adequate Alternative to Congressional Action
“This is Not a Game,” Leader McConnell Said; Relief Talks Have Stopped, Not Stalled
Fed Drops Municipal Backstop Pricing by 50 Basis Points, Still Very High
Public Finance Downgrades to Outpace Upgrades, Probably for Years
If Taxes Go Higher, Demand for Municipals Will Also Rise
Politics and the Democratic Convention, Polls Narrowing
The Fed Backstops $451 Million of NY MTA Notes Despite Efficient Market Conditions
Contemplating Infrastructure, Chances Bond-Friendly Elements are Included
RNC, Position of Strength Since Executive Actions, and Implications for State/Local Govt. Relief
Higher Education Sector Using Debt As COVID-19 Liquidity Buffer
Passenger Volumes Still Muted, Air Cargo Volume Supports Select U.S. Airports
Still No Agreement, Mixed Sense of Urgency Despite Historically Weak Data & Aid Requests
A (Possible) Step Closer in COVID-19 Negotiation, COS Meadows on "Meet the Press"
State and Local Aid is Key Roadblock, Says COS Meadows, But Offers $300 Billion
Hotel California (Such a Lovely Place), Unique Tax Policies Under Consideration
In a K-Shaped Recovery, Governments and Non-Profits Could Be Among Those That Fade
Watching How U.S. Fiscal and Monetary Policy Impacts the Municipal Bond Market
Municipal Issuers Rushing to Market Before Election “Month”
"March to Common Ground" Bipartisan Proposal Calls for $500 Billion for State/Local Governments
Rush to Market Continues, $14 Billion of Municipal Issuance Coming Next Week
How Long Will We Work From Home?
Election 2020: Results Will Impact the Economy, Markets, and Municipal Bonds
President Trump Tests Positive
29 Days
White House Walks Away from COVID-19 Relief Talk Table
Still No Full Recovery for State & Local Governments, nor Hours Worked
Heavy Supply, Positive Flows (Returned), Rising Benchmark Yields in the Municipal Market
Fed’s MLF Offered to Public Finance Entities, Municipal Bond Market Should Be Extended
Initial Jobless Claims Rise, State & Local Jobs Still Below Financial Crisis Level, More Job Cuts Loom
The Next, Next Thing in 2020: What the Next COVID-19 Wave Means, Higher-Ed
What We're Watching This Week: Third Wave, Election 2020, Government Relief
Clarifying the Magnitude of COVID-19 Related Federal Aid for State and Local Governments: $277 Billion, Much Restricted
The Slow Rebound of Air Travel
No Mass of Public Finance Downgrades Yet, Movement After Evaporating Government Support Better Indicator
Daily Record Number of COVID-19 Cases Surpasses 100k, Continues Rising
Renewed State and Local Government Job Pain, More Expected
Third Wave Worsens, Increases Potential for Shutdowns
President-elect Continues to Indicate "Worst Pandemic in a Century Requires Attention"
Infrastructure Gap Barely Dented by Record 2020 Bond Sales, Expect Lower 2021 Issuance
D.C. Deadlines: Government Funding and the “Benefits Cliff,” MLF's Expiration, Transit Cuts Announced
November Sees Third Straight Month of State and Local Government Job Losses
Funding Deadline Pushed, Hope for COVID-19 Relief Remains
Ginnie Mae Extending Temporary Relief for Servicers
Optimistic Scenarios Related to Vaccines and COVID-19 Relief
Final Municipal Liquidity Facility Transactions, Most Likely
Gone to Texas, A Land of Opportunity
Leadership Working on Support for $908 Billion Bipartisan COVID-19 Relief Proposal(s)
D.C. Nears an Almost $1 Trillion Fifth Phase COVID-19 Relief Compromise
Late and Limited is Better Than Nothing
HFA Prepay Report (December 2020 Factors), Delinquency Trends, and Outlook
Fifth Phase of Fiscal COVID-19 Relief is No State and Local Government Windfall
Georgia Run-Offs Begin New Year, Important to Watch for Credit Quality
COVID-19 Spread Remains Out of Control to Begin 2021
Democrats’ Legislative Agenda Could Begin With $2K Payments, Relief, & Infrastructure Totaling $3 Trillion
State and Local Government Job Losses in Three of Last Four Months Illustrate Continued Budget Pressures
Housing Fundamentals Remain Solid and Our Housing (HFA) Sector Outlook Remains “Stable” to Begin 2021
President-elect Biden’s First Stage Rescue Package, Prelim Overview
Biden’s $1.9 Trillion First Stage Rescue Package, What it Could Mean for Municipals
Yellen Confirmation Hearing: Supports Defeat of Pandemic, Loss of Government Jobs Described as “Economic Malpractice”
Economic Commentary
Less Bad is the New Good
Labor Market Shocker Hints at an Early End to Recession
Cautious Fed to Hold Rates at Zero Through 2022
Disinflation in the COVID-19 Era
Notes on the June Bloomberg Economists Survey
Consumers Spring Back in May
COVID-19 Clouds the Economic Picture
Home Sales Reflect Shutdown and Reopening
Virus Threat Rattles Markets
Eco News is Upbeat Amid Growing Virus Concerns
Job Returns Accelerate in June
2020 Q2 Economic Recap and Rate Outlook
Short Yields Slip to Record Lows as Uncertainty Reins
Notes on the July Bloomberg Economists Survey
Government Support Fuels Consumer Spending
Home Sales Surge While Evictions Loom
The Fed Pledges Continued Support (Again)
The Worst Ever was Better than Expected
Purchasing Managers Upbeat Despite Labor Uncertainty
Jobs Continue to Return...but at a Slower Pace
On a Wing and a Prayer; Airline Struggles Continue
Federal Aid Fuels Consumer Spending in July
Notes on the August Bloomberg Economists Survey
Unemployment Claims Rise as Job Market Remains Sick
Record-Low Mortgage Rates Drive Housing Recovery
Auto Production Drives July Business Spending
Fed Announces Shift in Inflation Policy
ADP Report Indicates Slowing Pace of Rehires
Labor Conditions Improving as Govt. Support Fades
Rising Claims Suggest Moderation of Job Gains
Notes on the September Bloomberg Economists Survey
August Retail Sales Moderate
Fed Expects to Hold Rates at Zero at Least Through 2023
Housing Booms While Delinquencies Rise
Still More Data Supporting the Robust Third Quarter Rebound
Markets Ignore Solid September Job Gains
2020 Q3 Economic Recap and Rate Outlook
Notes on the October Bloomberg Economists Survey
Stimulus Talks Flop / Consumer Prices Moderate
Labor Market Gains Fading
Consumer Spending is Plenty Brisk at Quarter End
Strong Data Supports Record Q3 GDP Growth
The Historical Third Quarter GDP Report and Beyond
ISM Manufacturing Index Indicates Solid Start to Q4
Fed is Quiet as Election Results Play Out
Employment Picture Brightens in October
Inflation Retreats as Virus Threat Rises
Slowing Retail Sales Hints at Slower Q4
No End in Sight to Housing Boom
A Mixed Bag for the Holidays
Economic Data Still Mostly Solid as the Virus Spreads
Disappointing Payroll Report Argues for Fiscal Support
Economic Odds and Ends
Congress Bickers as Midnight Shutdown Looms
Virus-Tinted Consumer Spending Sags in November
Steady Fed Holds the Line on Asset Purchases
Rising Unemployment Claims Pressures Congress to Act Now
2020 Q4 Economic Recap and Rate Outlook
Optimism Reigns Despite Surging Virus
December Job Loss Increases Urgency for Aid
Unemployment Filings Soar as COVID Asserts Itself
Less Consumer Spending Over Holidays, but Help on Way
Locations
Team Members
David Medanich
Awards and Rankings
Useful Links
Year in Review
The 2018 Yield Curve
Libor Transition to SOFR
5 Years of Municipal Bond Finance
Tax Exempt Interest Rates
General Interest Rates
Arbitrage Rebate
Structured Finance
Continuing Disclosure
Municipal Cash Management
HTS Commentary Archive
Wealth Management
Clearing Services
Overview
Products & Services
Technology
Team Members
Become a Partner
Tax Resources
Find a Branch
Client Resources
Individual Solutions
Cash Management
Credit & Lending
College Savings
Futures
Insurance
Investments
Legacy & Estate
Retirement
Small Business
Our Process
Tax Resources
Team Members
John Muschalek
Will Nelson
Anton Berends
Mike Cogliano
Steve K. Jones
Alan T. Lennick
Peter G. Cappos
Advisor Recruiting
Private Client Group
Independent Network
Hybrid Platform
Practice Insights
Fixed Income Capital Markets
Municipal Fixed Income
Taxable Fixed Income
Hilltop Banc Systems
Equity Trading
Institutional Equity
Portfolio Trading
Agency Trading
Products
Locations
Structured Finance/Debt Capital Markets
Specialty Finance
Structured Products
Services
Market Insights
Experienced Team
Housing
HFA TBA - Services
Compliance Administration
CRA
Meet the Team
Team Members
Michael Marz
William Vogelpohl
Richard Konkel
Elizabeth Funk
Kelly Casto
Michael Medanich
About Us
Our Mission and Values
History
Corporate Leadership
Jon Sobel
M. Bradley Winges
Clare Graca
Lana Calton
Mike Edge
Hill A. Feinberg
Jason Lisec
A.J. Maggio
Michael J. Marz
David Medanich
John R. Muschalek
Brian Wittneben
Community Involvement
Diversity and Inclusion
HilltopSecurities’ Marti Shew Named Rising Star
Professional Insights: A Women’s Roundtable
All Stars Project Honors HilltopSecurities
HTS Banker Named Rising Star by The Bond Buyer
Medina Earns Minority Business Leader Award
Laura Alexander Honoree for DBJ’s Women in Business Award
Investigate What Interests You
The Bond Buyer Names Andre Ayala 2019 Rising Star
HilltopSecurities Named Housing Partner of the Year
HFA Flexibility Drives New Demand for DPA
Tonya Todd Receives Affordable Housing Award
Advancing Diversity in Financial Services
HilltopSecurities University
Hilltop Holdings and Related Companies
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