Market Intelligence

In the first of his three-part 2026 municipal outlook series, Market Intelligence analyst Jeff Lipton forecasts for sub-5% returns, continued demand, possibly more curve steepening as the Fed eases slowly, the economy skirts recession, and AI, tariffs and midterm politics potentially reshaping risks across public finance sectors.

Market Intelligence analyst Jeff Lipton finds that low debt burdens, stronger rainy-day funds, improved pension metrics and robust legal safeguards help states remain a core source of stability and diversification for muni portfolios despite slowing growth and fiscal headwinds.

Multi-layered state oversight, strict fiscal safeguards and durable revenue pledges support New York City GO and TFA bonds even as investors brace for policy shifts under mayor-elect Zohran Mamdani.

Municipal market professionals aren't confident that state and local governments will invest in resilient infrastructure over the next five years.

As climate and cybersecurity risks intensify, Jeff Lipton argues it's time for the legal community to lead a new era of municipal disclosure — tightening language, clarifying exposures, and ensuring investor confidence.

Interest rate volatility and the Trump administration have municipal market professionals worried that funding goals won't be met.

Jeff Lipton begins his role as The Bond Buyer's Market Intelligence Analyst with an examination of how evolving federal policy, shifting credit conditions and market inefficiencies shape municipal risk — and where disciplined analysis can uncover value.

The first part of exclusive research from The Bond Buyer finds that most industry optimists say funding needs will be met sometime after 2035.