Election 2024
Municipal finance professionals are preparing for an important election in November, on which hinge key questions for the community. Where is tax policy headed? Who will set the tone on regulation and enforcement? Will infrastructure investment be a major priority?
The Bond Buyer will be following developments closely in the months ahead, to make sure muni market participants have the information they need about the future of their work.
What public finance professionals think about the election
According to exclusive research from The Bond Buyer, 56% of municipal finance professionals said high interest rates should be an urgent priority for the next administration and Congress. Political preference among those surveyed broke 44%-33% in favor of Democrats, with 5% saying they planned to vote Libertarian and another 18% answering that they were either undecided or preferred not to say.
It was still unclear early Wednesday whether Democrats would take control of the House.
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Vivian Altman, Head of Public Finance at Janney, sits down with Bond Buyer Executive Editor Lynne Funk to discuss the state of the muni market, how the new-issue market is faring and where risks and opportunities exist in the space.
Barclays' Mikhail Foux talks shifting demand, BABs refundings, election effects and what it means for the asset class in a volatile market.
"A victory for former President Trump is likely to be viewed as ushering in a more inflationary environment, whereas a win for Vice President Harris will probably be seen as closer to the status quo," said Erik Weisman, chief economist and portfolio manager at MFS Investment Management."
The impact of both presidential candidates' fiscal promises around taxation and spending could have dramatic effects on the Federal Reserve's outlook for monetary policy, which has become more aggressive toward rooting out inflation.
Issuers in Southwest states led by Texas are hoping voters will approve billions of dollars of bonds in Tuesday's election.
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Investors should "brace themselves" for further volatility, as uncertainty is likely to remain, said Tom Kozlik, managing director and head of public policy and municipal strategy at HilltopSecurities.
November 4
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Potential new Senate Finance Committee Chair Sen. Mike Crapo, R-Idaho, has suggested a potential workaround to offset the cost of extending the Tax Cuts and Jobs Act.
November 4
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A rule change allowing non-profits to cash in green energy credits presents both opportunities and challenges.
November 4
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October's "price path has created wider spreads but also brought higher yields that are now in the range where a broader audience may begin to take notice," said NewSquare Capital Senior Fixed Income Portfolio Manager Kim Olsan, noting higher taxable equivalent yields for different tenors of the yield curve.
October 31
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The results of the Nov. 5 polls will address many key municipal market policies.
October 31
