SMITH'S RESEARCH & GRADINGS

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 wildfire in dry brush.” According to the S&P Global Market Intelligence municipal supply calendar for the week of August 10, 2026, approximately $9.6 billion of issuance should ignite the market. Toss the notes back onto the bonfire, and total volume climbs to roughly $11.1 billion. The week’s lineup includes 216 deals, with 92 negotiated and 124 competitive transactions, all adding fuel to the fire. While supply is down 35% from the prior week, issuance continues to smolder through the second week of August, proving this market still has plenty of hotspots. This week’s biggest sparks are coming from Healthcare, Higher Education, and Transportation, each lighting up the new issue landscape....

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Stay on top of the latest global news that can impact your investment strategy.

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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Conceptual rendering of the Dulles Airport expansion (courtesy MWAA)

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…...

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