Special Briefing on the Outlook for 2026: How States & Cities Will Adapt to Wrenching Change

As a year marked by fiscal uncertainty and shifting federal priorities comes to a close, state and local governments are grappling with structural changes. Join William Glasgall, Penn IUR Fellow and Volcker Alliance Public Finance Adviser, and Susan Wachter, Co-Director of Penn IUR and Wharton professor, and our expert panel as we discuss how federal retrenchment, artificial intelligence (AI)-driven growth, and sharply rising municipal market borrowing market will shape state and local finances in the year ahead. Panelists include:

• Torsten Slok, Partner and Chief Economist at Apollo Global Management
• Matt Fabian, Partner at Municipal Market Analytics
• Eric Kim, Senior Director for U.S. Public Finance Ratings at Fitch Ratings.

This Special Briefing was the latest in a series of 60-minute online discussions featuring distinguished guests from Penn IUR and the Volcker Alliance’s national research networks, along with other leading academics, economists, and federal, state, and local leaders. These convenings are made possible by funding from The Travelers Institute, members of the Penn IUR Advisory Board, and the Volcker Alliance.

This briefing is the sixty-third in a series of sixty-minute online conversations on public finance featuring experts from the national research networks of the Volcker Alliance and Penn IUR, along with other leading academics, economists, and federal, state, and local leaders. 

Special Briefings are made possible by funding from The Travelers Institute, the Volcker Alliance, and members of the Penn IUR Advisory Board. Recordings of the entire Special Briefings series are available on the Volcker Alliance or Penn IUR websites. 

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