SMITH'S RESEARCH & GRADINGS

Dulles Airport Expansion May Be Fueled by Muni Bonds

Dulles International Airport is embarking on one of the largest airport modernization programs in U.S. history, with a $22.5 billion capital investment that will transform the airport into a world-class international gateway. The initiative, announced by the Metropolitan Washington Airports Authority (MWAA), United Airlines, and the U.S. Department of Transportation, will significantly expand passenger capacity while modernizing the travel experience for passengers. The project includes more than 5 million square feet of new and renovated facilities, including replacement of the aging C/D Concourse, expanded gate capacity, new AeroTrain connections (and the retirement of the hated people-mover trams), improved baggage systems, larger customs facilities, additional airport lounges, and enhanced security screening areas. The modernization is designed to improve passenger flow while preserving Eero Saarinen’s iconic Main Terminal, one of the nation’s most recognizable airport landmarks.MWAA gave only limited details — suggesting the project would be funded through municipal bonds and potential...

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The Demographic Reckoning: Colleges and the Future of America’s Economy

October 16, 2026By Scott B. MacDonald, Ph.D.Chief Economist Demographics, Higher Education, and Future Economic Paths: It was H.G. Wells, author of The Time Machine and War of the Worlds, who stated, “History is a race between education and catastrophe.” In…...

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Inflation, elections and geopolitics

Inflation, Elections, and Busy Geopolitics

October 16, 2026By Scott B. MacDonald, Ph.D.Chief Economist Summary: To put it mildly, times are challenging. Inflation is up, voter moods are ugly, and the geopolitical landscape is increasingly more daunting. Volatility for markets is coming from many directions –…...

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Global economy and foreign direct investment

High Hopes on the Economy and FDI

October 13, 2026By Scott B. MacDonald, Ph.D.Chief Economist Summary: The Federal Reserve Bank of Atlanta (as of October 6th) puts 3rd quarter real GDP at a robust 3.7%. Although this is slower than earlier reads, the pace is still strong,…...

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High-yield municipal bonds

The Daily Grind

No Calm Before the Storm If you blink, you will have missed something. The bull market continues to snort ahead. Bond markets are seeing considerable new issue, which is being gobbled up. The key narratives shaping markets are inflation (which…...

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Municipal bond market commentary

Market Commentary

James Kellum, Jr., Executive Director at S&P Global Market Intelligence, said, “As summer continues to scorch much of the country, the municipal market is feeling the heat as well. Municipal supply remains ablaze, spreading across the calendar faster than a…...

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