Municipal Commentary - HilltopSecurities

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Municipal Industry Commentary

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The Bond Buyer: Tax exemption targeted by think tank as GOP mulls another reconciliation tax bill

“Any situation where the tax exemption is not being prioritized as an important infrastructure tool is troubling,” said Tom Kozlik,...

VIDEO: Asset TV – The “Post-Golden Age Realignment”

Tom Kozlik, Head of Public Policy and Municipal Strategy at HilltopSecurities, shares his outlook on how the passage of the...

Fed Signals September Shift and Tax Threat Resurfaces

A September rate cut appears increasingly likely after Fed Chair Powell signaled a shift in policy and acknowledged rising economic...

VIDEO: Muni Minute – Navigating Market Shifts, Fed Uncertainty & the Post-Golden Age of Municipal Credit

In this Back-to-School Edition of Muni Minute, HilltopSecurities’ John Muschalek and Tom Kozlik unpack the latest market signals, from surprising...

The Municipal Bond Market’s Post-Golden Age Realignment

Municipal bond credit quality remains robust despite the conclusion of federal stimulus programs. Key indicators—including housing market performance, state reserve...

CNBC: The big opportunity in these tax-free bonds may be short lived — ‘the ship is leaving the port,’ says...

The opportunity to scoop up municipal bonds at attractive prices isn’t going to last forever, according to strategist Tom Kozlik....

Relative Value Remains Attractive as Economic Outlook Dims and Political Risks Rise

Municipal yields declined again last week, reinforcing the view that the window for an attractive entry point is narrowing. The...

August 2025 Muni MOment: A Patient Fed Navigates an Uncertain Economy

In July, the market continued to exhibit uncertainty about the confounding economic policy mix the Trump administration is implementing and...

Risk and Fragile Stability Persist as Public Pension Momentum Slows in 2025

Funded ratio improvements remain modest and fragile, with risks spanning the near to long term—driven by market volatility, concentrated equity...

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