The initial read on US GDP growth for the recently ended 3rd quarter was a 1.9% growth pace, only the third quarter with sub-2% growth rate since the end of 2015.

Economists differ on how long the US economy will extend the longest lasting expansion (124 months) on record, with an early October Bloomberg survey of 51 economists predicting a 35% chance of recession in the coming 12 months. A recent report from The National League of Cities, based on NLC’s survey of 500 cities, found that general fund revenues are growing at the slowest pace since 2013, with two-thirds of big cities predicting a recession beginning in 2020 or 2021.

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Alan Schankel

Municipal Bond Strategist

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