NMCO - U.S. 2020 Election Investment Pulse: Neutral To Positive For Municipals

• Many of the policies that a president will ultimately decide can be impactful. For example, tax policy, which could impact a state or local government's ability to raise their own taxes and impact demographics. But another impact is that it can also increase the attractiveness of munis as an asset class for investors.
• Regardless of how the two Georgia Senate runoffs are decided, we really don't expect Democrats to have the majority in the Senate that they really need to help Biden carry his policies through at the level he wanted. So we do expect there to be some gridlock, and that could hamper some of his policies.
• We're expecting additional stimulus, which should help stabilize some of the issues at the state and local levels. And then, we did see a lot of bond measures pass in the November ballot. And so, we expect there to be more bonds.

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