SMITH'S RESEARCH & GRADINGS

Smith’s Infrastructure Funding Alert: The Infrastructure Investment and Jobs Act expires Oct. 1

What’s Next?On October 1, the U.S. Congress is expected to give a short-term extension of the surface transportation law through December 11th. What Happens? The most immediate impact is going to be the Division J funding cliff: the extension does not carry forward the IIJA’s advanced appropriations.  AND, there is another important distinction for States, project sponsors and the private sector: The IIJA’s advanced appropriations funding is approaching a cliff. It’s policy legacy is not. May be. What Will Be The Legacy? The IIJA changed what federal transportation programs can fund – adding or expanding eligibility for projects like protecting transportation systems from rockslides and mudslides in States like Wyoming; cybersecurity frameworks for advanced technology projects in States like New York; unmanned aerial system-enabled infrastructure management in States like Maryland; digital modeling, inspection, and delivery implementation projects in States like Utah, Illinois, Connecticut, Delaware, and California; culvert and aquatic connectivity...

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The Demographic Reckoning: colleges and the future of America's economy

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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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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