"The secondary infrastructure demands [of data centers] will increasingly flow through to municipal balance sheets, driving incremental issuance across multiple sectors," said J.P. Morgan strategists.

Market Intelligence analyst Jeff Lipton distills what he heard onstage and in the hallways at The Bond Buyer's 2026 National Outlook, from policy uncertainty and the muni tax exemption to AI's growing role and credit risk hotspots.

A recent report from The Bond Buyer found that data quality and accuracy was the top concern among AI skeptics in the industry.

NFMA "serves a lot of core functions," said Angela Kukoda, its 2026 chair.

If building out AI tools requires a big investment, "it sure helps to have the capital," said Justin Marlowe, a research professor in the University of Chicago Harris School of Public Policy.

Federal Reserve Gov. Lisa Cook said AI could boost productivity, but warned the transition may raise unemployment and force difficult tradeoffs between inflation and jobs.

Jeff Lipton compares The Bond Buyer's 2026 Predictions Report to his outlook series.

Financial advisory firm PFM is leveraging its modeling system Synario and partnering with DebtBook, a treasury market accounting software platform.

State lawmakers introduced bills to eliminate sales tax exemptions and tax credits for data centers and mandate public disclosure of water and electricity use.

The Bond Buyer has launched a new AI-powered research experience designed to give subscribers an easy way to access our latest news and research while also offering a deep, comprehensive dive into our archives. 

Munichain says its product will simplify and vastly improve the ordering process.

The platform uses AI to provide users with an analysis of any municipal bond issuer by centralizing all data and delivering easy-to-understand results instantly, its developer said.

State tax policy is playing a role in the location of data centers which have turned into a lightning rod attracting debt financing, local opposition, and federal involvement.

Software as a service platform Adaje has acquired bond structuring software provider Munex and hired 25-year muni veteran Jon Sidman as its chief product officer.

With large language models parsing EMMA filings and investor relations sites, municipal issuers must modernize their disclosure so both humans and algorithms can accurately understand their credit story and avoid unintended red flags.

The Trump administration officially rolled out an Executive Order laying out federal policy on Artificial Intelligence which cements fears from states worried about the loss of broadband funding tied to the Bipartisan Infrastructure Law.

SRI International had its outstanding bonds downgraded to Baa1 because of its exposure to declining federal grants.

The situation is worsening, driven by rising costs and AI revenue risks, the forecast warns.

Federal Reserve Vice Chair Philip Jefferson said that as interest rates have moved toward a more neutral level, "it makes sense" now to proceed with caution.