Michael Zezas, managing director of research at Morgan Stanley, notes that muni yields have not fallen as quickly as the Treasury equivalents and recession risk climbs the longer the coronavirus persists. Layer on top of those items the incipient oil competition and quite a storm is brewing. Even liquidity is becoming "disorderly." John Hallacy hosts.

Dan Scholl, head of municipal fixed income at Wilmington Trust, views munis as inefficient and retail oriented. However, he maintains credit has never been better. In managing $5 billion of assets in high-grade SMAs, he finds value in housing, healthcare and IDBs. John Hallacy hosts.

It feels like we have stepped into a new virtual reality in the municipal market. Things are not what they appear to be any more.

It has become clear that there is a widely held conviction that the property tax is not as fair and equitable as it could be.

While munis are a focus in the infrastructure proposal, the likelihood of coming to fruition is debatable.

A calm rate outlook, a focus on taxable municipals, and a stable credit outlook are drivers of the current outlook and market convictions for Gary Pollack of Deutsche Bank. John Hallacy hosts.

Many investors are positioning for the late cycle, according to guest Robert Waldner Jr., CFA , chief strategist and head of macro research at Invesco. He points to the demise of the Phillips curve; the Fed thinking in "real" terms, and a gradual increase in yields on the long end. He also discusses the appeal to global clients of taxable municipals. John Hallacy hosts.

Looking back on the last decade makes one realize that we have come a long way.

Kurt Krummenacker, senior vice president at Moody's, talks about important developments in the active airport sector of the muni bond market. John Hallacy hosts.

Paul Burton and John Hallacy examine the legacy of Felix Rohatyn, a driving force behind New York City's recovery from near-bankruptcy, and lessons learned from the 1970s crisis.