Wall of Trump Questions Swamps Morgan Stanley Muni Webinar

Morgan Stanley’s annual “State of the States” webinar is usually a pretty staid tour of state balance sheets. This year, though, it drew more than double the usual audience and more than six times typical registration as financial advisers clamored for a chance to ask questions about what President Donald Trump’s agenda means for municipal budgets — and the bonds tied to them.

They wanted to know which states are most exposed to delays in federal funding, how quickly that would affect budget decisions, and if new funding policies will hurt credit quality for certain municipal debt.

Craig Brandon, ...