PhAMAS

Panel Discussion

Thursday, July 31, 2025

Fiscal New Year (Happy or Not?) 2026 Municipal Market Outlook

Although it appears that the federal tax exemption for municipal bond interest is preserved (for now), the impacts of the O3BA, continued federal policy actions, and other market and political dynamics will make the 2026 Fiscal New Year one of multiple risks and opportunities for municipal market participants.

Hear from seasoned municipal market experts – Tom Kozlik, Vikram Rai and Eric Kazatsky – about their insights, forecasts, and implications for the municipal market and sectors at our Fiscal New Year 2026 event, and stay for networking (in-person attendees only)! Moderated by Mark Schmidt.

Speakers:

Tom Kozlik (PhAMAS co-founder and)
Head of Public Policy and Municipal Strategy
Hilltop Securities (biography)

Vikram Rai
Portfolio Manager and Macro Trader
First New York

Eric Kazatsky
Managing Director, Client Portfolio Manager
Mackay Shields

Moderator: 

Mark Schmidt, CFA
Head of Muni Strategy
Morgan Stanley
 

Date: Thursday, July 31, 2025
Attend in-person, online, or by recorded replay for all registrants

Time: 
3:00 - 4:30 pm: Interactive panel discussion
4:30 - 5:30 pm: Reception with panelists and other in-person attendees

Location:

ZOOM or
Ballard Spahr
1735 Market Street, 48th Floor
Philadelphia, PA 19103

Cost for all registrants (in-person, Zoom or by replay):
$35 for members of PhAMAS/NFMA
$50 for non-Members
Representatives of government, nonprofit organizations, or students can attend for free.
This event is not open to the press.

All registrants will receive a recording of the presentation, available for two weeks after the event.

Registration: CLICK HERE to register.

Please contact Bonnie Tessler with any questions.

The Philadelphia Area Municipal Analyst Society (PhAMAS) is a not-for-profit association with members located in the Philadelphia region, including southern New Jersey, Delaware and Maryland.