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Abstract: 

Assuming a continued need for brick and mortar schools, roads, and other physical infrastructure, this forward-looking panel foregoes pondering cold fusion and hovercraft in favor of discussing major challenges that may confront the municipal marketplace in 2040. With Baby Boomer influence yielding to Generation X and the Echo Boomers, it discusses how shifting demographics, the savings rate, a seasoned Obamacare, and wage inequality may affect municipal buyer preferences, available products, and even the investor base itself.

Keywords: Municipals outlook 2040, excess supply, aging demographics, income inequality, deflationary forces, credit-based markets, tax reform

Affiliations:  1: Nationwide Insurance; 2: Mizuho Securities USA; 3: Morgan Stanley Wealth Management; 4: Stifel Nicolaus & Co..