Markets

The National Association of State Treasurers officially announced new leadership for 2026, including new president Michigan State Treasurer Rachael Eubanks.

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.

Improved risk sentiment after the capture of Venezuelan President Nicolás Maduro helped pull investors into all markets and munis are a "beneficiary" of that shift, said James Pruskowski, an investor and market strategist.

Late last month, PureCycle Technologies amended the indenture and loan agreement for the bonds issued for its Ironton, Ohio, project.

The Maine Municipal Bond Bank is bringing back its transportation revenue bond program, with a few changes to bolster the bonds' credit. 

With the muni calendar "heating up" ahead of another projected year of record issuance, Jeff Lipton, The Bond Buyer's market intelligence strategist, expects "investor demand to comfortably digest the new supply given reinvestment needs and compelling yield and income opportunities."

Some industry observers are expecting a continuing rise in public private partnerships as the total value of infrastructure assets under management is up.

Oregon transportation bond payments protected even if tax repeal succeeds, rating agencies say.

Municipal bond issuers are on tap to sell about $6 billion of new issues in early January, but there should be plenty of money from maturing issues and interest payments to easily absorb that amount, as well as volume going forward, says Kim Olsan, senior fixed income portfolio manager at NewSquare Capital.

Advocates for improving inland port infrastructure in the House and Senate are pushing bipartisan bills aimed at funneling more dollars from the Port Infrastructure Development Program to facilities on the Great Lakes as opposed to East and West coasts.