Municipal Market Commentary
2025 Municipal Market Outlook
Following a presidential campaign like no other, the 2024 general election will go down in history as only the second time in U.S. history that a president was elected to two non-consecutive terms. In addition to this historical feat, for the ninth time in the last ten elections, voters removed the party in power, granting Republicans narrow control of both chambers of Congress. The single-party unification of the Federal Government brings with it the possibility of sweeping policy changes in such areas as tax reform, federal spending, trade and immigration. How these policy changes impact economic growth in the year ahead and their effect on the municipal bond market help to inform our 2025 year ahead outlook.
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