EP 03: Behind the Yield with John Miller on Where Munis Go from Here

In this episode of Industry Insights: Exclusive Interviews, host Julie Miecamp introduces a timely conversation on municipal credit as the market reaches the halfway point of 2025.

Reporter Hoa Nguyen sits down with John Miller, Chief Investment Officer and Head of the Municipal Credit Team at First Eagle investments, to explore how investors are responding to tax policy uncertainty, April’s rate volatility, and shifting fund flows. They examine key sectors including senior living, charter schools, and state housing authorities, as well as the impact of ETF outflows, refunding rules, and the proposed increase to the SALT cap.

Drawing from more than thirty years in the market, Miller shares how institutional investors are thinking about credit risk, duration, and pricing power in a year that continues to evolve.

If you follow public finance or fixed income, this is a clear and focused look at what matters now.

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Hosted by Julie Miecamp
Interview by Hoa Nguyen
Produced by Tanya Hubbard
Recorded in New York Studio