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Abstract: 

This article discusses key demographic trends and their potential impact on U.S. municipal credit and markets. Topics include the impact of demographic trends on the economy, the ways in which the adoption of technology affects U.S. markets, the social and societal changes associated with demographic trends, and the impact of the millennial mindset on all of these topics. Ted Molin is senior credit analyst and vice president at Wilmington Trust Investment Advisors, Inc. Beth Ann Bovino is U.S. chief economist at S&P Global Ratings. Steven Ricchiuto is chief economist at Mizuho Securities USA. Mark Vitner is managing director and senior economist at Wells Fargo Securities, LLC. This article is based on the authors’ discussions during the panel on 21st Century Demographic Trends: Potential Impacts on Municipal Credit at the 35th Annual Conference of the National Federation of Municipal Analysts held in Coronado, California, May 29–June 1, 2018.

Keywords: Municipal market, demographic trends, technology and the municipal market, millennial mindset

Affiliations:  1: Wilmington Trust Investment Advisors, Inc.; 2: S&P Global Ratings; 3: Mizuho Securities USA; 4: Wells Fargo Securities, LLC.