High-Yield in a Higher-Rate Environment

While high-yield out performed municipal investment grades in 2024, macroeconomic and policy uncertainty, market volatility and higher yields have put more pressure on most sectors in the muni space, high-yield included. What is the outlook for high-yield for the rest of 2025 and beyond as new policy shifts play out and economic pressures grow? What sectors or areas of high-yield are investors monitoring? Where are there opportunities?