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Close Wealth Management Advisor Search Client Resources Individual Solutions Cash Management Credit & Lending College Savings Futures Insurance Investments Legacy & Estate Retirement Small Business Our Process Tax Resources Team Members John Muschalek Will Nelson Anton Berends Mike Cogliano Steve K. Jones Alan T. Lennick Advisor Recruiting Private Client Group Independent Network Hybrid Platform Practice Insights Clearing Services Overview Products & Services Technology Team Members Lana Calton Chris Cervantes Terry A. Kitchens Become a Partner Tax Resources Capital Markets Municipal Fixed Income Taxable Fixed Income Debt Capital Markets Specialty Finance Structured Products Hilltop Banc Systems Equity Trading Institutional Equity Portfolio Trading Agency Trading Products Locations Public Finance Municipal Advisory Sectors Underwriting Continuing Disclosure PEB Trust Government Investment Pools HSAM Investment Management Arbitrage Rebate Housing Advisory Mortgage Trading / Securitization Municipal Commentary June 2019: Threat to the Tax Exemption July 2019: It is News, Not Just Noise What May Be the Future of Bondholder Recoveries? Municipal Bond Sector Credit Outlooks Social Impact Investing Through CDFIs Threat of Cyber, Ransomware Attacks Remains Barriers to Fully Funding Public Pensions Watching ESG Factors in California 2020 Volume Forecast Preview CRA Reform is on the Table, Regulatory Update Municipal Bond Market 2020 Preview and Decade Recap Small Increase for HUD Public Housing Capital Fund An Issuers Market The Coming Climate Change Reallocation Economic Commentary June Bloomberg Rate Survey and Trade Update Stocks Rally on G20 Trade Optimism as ISM Factory Index Slips Further Rate Cuts Become a Little Less Likely as Job Growth Improves Quarterly Economic Recap and Rate Outlook July Bloomberg Interest Rate and Economic Survey Stronger Data Raises Few Questions Second Quarter GDP and Wednesday’s Fed Decision Fed Cuts 25; Post-Meeting Press Conference Sinks Stocks Reescalation of Trade Tensions Trump the July Employment Report Stocks Plunge as China Retaliates Stocks Fall and 30-year Treasuries Approach Record Lows August Bloomberg Interest Rate and Economic Survey Trying to Make Sense of the Nonsensical Focusing on the Data and the Fed All Ears on Jackson Hole Stocks and Bond Yields Fall Politics and The Fed China Calls for a Cease Fire Winds Shift on a Flurry of Positive News Solid Underlying Employment Numbers Counter-Balance... Bond Yields Rise for Fifth Straight Day Dueling Views on U.S. Trade Effect Yields Rise Again as Consumers Spend More Sept. Bloomberg Interest Rate and Economic Survey Split Fed Cuts Another 25 Rocketing Repos—Why Your LGIP/MMFs Soared Improvement on the Home Front Factory Index Signals Pain; Ignites Bond Rally Yields Drop Again as Data Weakens Ho-Hum Jobs Report Lowers Fed Urgency 2019 Q3 Economic Recap and Rate Outlook Oct. Bloomberg Interest Rate and Economic Survey Yields Dip as Consumer Spending Slumps Optimism Fades as the Week Ends Updates on Housing and Trade FOMC Cuts the Fed Funds Rate, Signals Pause Labor Market Flashes Unexpected Strength Market Yields Climb on Trade Hopes Nov. Bloomberg Interest Rate and Economic Survey Stocks Ignore Risks, Rally to New Highs The Recent Calm Isn’t Well Supported Key Updates A Trade Deal is Very Close. Again. Stocks Drop on Souring Trade News December Market Events Stocks and Bond Yields Up Sifting through the Pile of Apparent Good News Round One of Detail-Skinny Trade Deal The Economic Runway Clears Bloomberg Interest Rate and Economic Survey December 2019 Threat of War Ends Market Tranquility 2019 Q4 Economic Recap and Rate Outlook December Job Gains Below Forecast Jan. 2020 Bloomberg Interest Rate and Economic Survey December Retail Sales is a Mixed Bag, Inflation Tame Bond Yields Sink on Virus Fears Fed Announcement and Virus Update Sagging Consumer Spending Restrains Q4 GDP Growth ISM Manufacturing Index Turns Positive Signs of Improvement Drag Bond Yields Upward Unseasonably Warm Weather Fuels January Job Gains Powell and the Markets Weigh Potential Virus Impact Lackluster Retail Sales Report Indicates Slower GDP Growth Feb. 2020 Bloomberg Interest Rate and Economic Survey Treasury Bond Yield Hits All-Time Low on Virus Fears Bracing for the Worst; the Coronavirus Market Effect Locations Team Members David Medanich Awards and Rankings Useful Links Year in Review The 2018 Yield Curve Libor Transition to SOFR 5 Years of Municipal Bond Finance Tax Exempt Interest Rates General Interest Rates Arbitrage Rebate Structured Finance Continuing Disclosure Municipal Cash Management About Us Our Mission and Values History Hilltop Holdings and Related Companies Corporate Leadership Hill A. Feinberg M. Bradley Winges John R. Muschalek Mike Edge Lana Calton Michael J. Marz David Medanich Lisa Palmeri Brian Wittneben Community Involvement Wealth Management Advisor Search Client Resources Individual Solutions Cash Management Credit & Lending College Savings Futures Insurance Investments Legacy & Estate Retirement Small Business Our Process Tax Resources Team Members John Muschalek Will Nelson Anton Berends Mike Cogliano Steve K. Jones Alan T. Lennick Advisor Recruiting Private Client Group Independent Network Hybrid Platform Practice Insights Clearing Services Overview Products & Services Technology Team Members Lana Calton Chris Cervantes Terry A. Kitchens Become a Partner Tax Resources Capital Markets Municipal Fixed Income Taxable Fixed Income Debt Capital Markets Specialty Finance Structured Products Hilltop Banc Systems Equity Trading Institutional Equity Portfolio Trading Agency Trading Products Locations Public Finance Municipal Advisory Sectors Underwriting Continuing Disclosure PEB Trust Government Investment Pools HSAM Investment Management Arbitrage Rebate Housing Advisory Mortgage Trading / Securitization Municipal Commentary June 2019: Threat to the Tax Exemption July 2019: It is News, Not Just Noise What May Be the Future of Bondholder Recoveries? Municipal Bond Sector Credit Outlooks Social Impact Investing Through CDFIs Threat of Cyber, Ransomware Attacks Remains Barriers to Fully Funding Public Pensions Watching ESG Factors in California 2020 Volume Forecast Preview CRA Reform is on the Table, Regulatory Update Municipal Bond Market 2020 Preview and Decade Recap Small Increase for HUD Public Housing Capital Fund An Issuers Market The Coming Climate Change Reallocation Economic Commentary June Bloomberg Rate Survey and Trade Update Stocks Rally on G20 Trade Optimism as ISM Factory Index Slips Further Rate Cuts Become a Little Less Likely as Job Growth Improves Quarterly Economic Recap and Rate Outlook July Bloomberg Interest Rate and Economic Survey Stronger Data Raises Few Questions Second Quarter GDP and Wednesday’s Fed Decision Fed Cuts 25; Post-Meeting Press Conference Sinks Stocks Reescalation of Trade Tensions Trump the July Employment Report Stocks Plunge as China Retaliates Stocks Fall and 30-year Treasuries Approach Record Lows August Bloomberg Interest Rate and Economic Survey Trying to Make Sense of the Nonsensical Focusing on the Data and the Fed All Ears on Jackson Hole Stocks and Bond Yields Fall Politics and The Fed China Calls for a Cease Fire Winds Shift on a Flurry of Positive News Solid Underlying Employment Numbers Counter-Balance... Bond Yields Rise for Fifth Straight Day Dueling Views on U.S. Trade Effect Yields Rise Again as Consumers Spend More Sept. Bloomberg Interest Rate and Economic Survey Split Fed Cuts Another 25 Rocketing Repos—Why Your LGIP/MMFs Soared Improvement on the Home Front Factory Index Signals Pain; Ignites Bond Rally Yields Drop Again as Data Weakens Ho-Hum Jobs Report Lowers Fed Urgency 2019 Q3 Economic Recap and Rate Outlook Oct. Bloomberg Interest Rate and Economic Survey Yields Dip as Consumer Spending Slumps Optimism Fades as the Week Ends Updates on Housing and Trade FOMC Cuts the Fed Funds Ra...