Senior Policy Advisor | Office of State and Local Finance
U.S. Department of the Treasury
The concentration of the retail investor has grown in a market that often struggles with liquidity. How are the various demand components of the market shifting? How will the growth of SMAs and ETFs affect the public finance industry in 2026? How do crossover buyers fit in 2026? What does credit look like in 2026? What do investors want and how is the sell-side adapting to provide for it?