Election 2024
Municipal finance professionals are preparing for an important election in November, on which hinge key questions for the community. Where is tax policy headed? Who will set the tone on regulation and enforcement? Will infrastructure investment be a major priority?
The Bond Buyer will be following developments closely in the months ahead, to make sure muni market participants have the information they need about the future of their work.
What public finance professionals think about the election
According to exclusive research from The Bond Buyer, 56% of municipal finance professionals said high interest rates should be an urgent priority for the next administration and Congress. Political preference among those surveyed broke 44%-33% in favor of Democrats, with 5% saying they planned to vote Libertarian and another 18% answering that they were either undecided or preferred not to say.
As headline risk swirls around the Fed and the transition to the Trump administration, municipals have largely stayed in their own lane. November finds the municipal market "in far better technical shape, with an attractive backdrop through at least year-end," J.P. Morgan's Peter DeGroot said.
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Vivian Altman, Head of Public Finance at Janney, sits down with Bond Buyer Executive Editor Lynne Funk to discuss the state of the muni market, how the new-issue market is faring and where risks and opportunities exist in the space.
Barclays' Mikhail Foux talks shifting demand, BABs refundings, election effects and what it means for the asset class in a volatile market.
The outlook change to negative comes in the wake of voter approval on Nov. 5 of a ballot measure requiring certain public safety spending by the city.
New Senate Majority Leader John Thune, who played a key role in negotiations of the Tax Cuts and Jobs Act, noted at the time the "fierce support in both chambers" for tax-exempt private activity bonds.
Market reaction to inflation numbers was "tempered," said Richard Flax, chief investment officer at Moneyfarm. But should inflationary pressures hold in 2025, "markets may anticipate that further rate cuts could be limited in scope, suggesting a more cautious investment outlook."
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Trump's proposed corporate tax cut, if enacted, would further concentrate the buyer base and increase the chance of volatility, said Wells Fargo head of municipal strategy Vikram Rai.
November 13
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Numerous vital issues are on the docket for the new Trump administration.
November 12
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Homeowners across the nation could realize savings from as little as $20 per year to having their bill wiped out entirely.
November 12
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Budget battles in the new administration will lean toward further cuts to the IRS budget.
November 11
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Lawyers are beginning to flesh out what the specifics of what a second Trump administration may look like, and what we can expect before Biden passes the baton.
November 11
