Rising interest rates, inflation and geopolitics have put pressures on the municipal market since the start of 2022. These challenges come as the world also is still managing the COVID-19 pandemic’s lingering effects.

• The Federal Reserve is beginning to raise interest rates, in the midst of inflation concerns and supply chain issues, putting pressure on all markets
• Issuer credit has improved dramatically with the influx of federal aid and better-than-anticipated revenues, but pensions and workforce challenges loom
• Infrastructure remains a focal point as the Infrastructure Investment and Jobs Act dollars begin to flow with issuers factoring in this money into their future building plans
• ESG continues its rapid ascent into the muni market, with issuers, investors and regulators weighing in