US Public Finance Conference

Beyond Boundaries: The Interconnectedness of Public Finance


7 World Trade Center 20th FL


08:30 - 09:00

Registration and Breakfast

09:05 - 09:50

The Big Picture: Examining credit risks at the US sovereign level and macro trends impacting public finance today

Public finance intersects with myriad aspects of the US economy. Anne Van Praagh, Managing Director and Global Head of Moody's Public Project and Infrastructure Finance Group, will be joined by Atsi Sheth, Managing Director and Global Head of Strategy and Research at Moody’s Investors Service and Bill Foster, Senior Vice President in our Sovereign Risk Group, to take us through today's big picture discourse around the interrelationships affecting US public finance and the impact of continued challenges at the US sovereign level.  How does a shifting global credit climate impact municipal issuers?  What impact will an expected decline in federal debt affordability and banking sector challenges have on US public finance? Additional topics include:

  • The continued possibility of recession
  • Weakening credit conditions and higher default rates for certain issuers
  • Expected deterioration of US fiscal strength and the impact for public finance
09:50 - 10:35

Insuring the Future: The economic impact of environmental risk, demographic shifts and the changing P&C insurance market

Property and casualty insurers are pulling back from highest risk areas due to rising environmental concerns, higher construction costs, and state price restrictions.  Insurance cost and availability challenges on top of elevated interest rates worsen the housing affordability problem in many parts of the country.  To what extent will this threaten demographic and tax base growth and act as a predictable transmission pathway from physical climate risk to municipal credit risk?  

To date, many parts of the country with the highest climate risks have continued to show strong in-migration and economic performance. And we have seen  states like Florida and Louisiana take extraordinary measures to stabilize insurance costs and availability for property owners . This panel will explore these topics in more depth, including:

  • What accounts for the strong growth of sun-belt states with high climate risks?
  • Where are insurance costs rising the most and how is this affecting property markets?
  • How are states intervening to stabilize their insurance markets?  How about FEMA and flood insurance?
  • What are the long term credit impacts for state and local government issuers?
10:35 - 10:50


10:50 - 11:35

Reshaping the Workforce: Labor markets, wage pressures and their cascading financial effects

The US workforce was indelibly changed by the Covid-19 pandemic in ways that continue to pose a challenge for governments, healthcare providers and higher education institutions, particularly amidst continued inflation and labor shortages. Our panelists will focus on evolving credit challenges in these sectors, including:

  • How labor markets continue to struggle in the face of demographic changes and skill gaps, including shortages in key sectors
  • How business/service models are adapting to the reshaped workforce, including outsourcing and technology
  • Risks and opportunities in the new environment, with associated credit implications
11:35 - 12:20

Commercial Real Estate and Housing: Lasting impacts of the pandemic

Post-pandemic, remote and hybrid work are stressing commercial property values as lower demand for office space in central business districts, less commuting and an ongoing shift to online retail have reduced demand for commercial real estate. Especially for big cities, the implications will test their ability to raise property tax rates. At the same time, higher-for-longer interest rates have changed the demand profile for housing. Our panelists will focus on the evolving real estate landscape, covering:

  • Differences in the commercial real estate landscape around the country
  • Which big cities are most exposed to commercial real estate stress and which have the most flexibility to adjust to the new dynamic
  • The demand profile for housing and implication for housing finance agency bonds
12:20 - 12:25

Closing Remarks

12:25 - 13:00

Networking lunch