At the same time, retail demand for muni bonds increased because the tax law limited the state and local tax deduction, spurring residents of high-tax states, such as California, to invest in municipal bonds to be more tax efficient. As a result, we believe the technical environment became — and remains — relatively strong, despite the outflows in October amid a broader risk-off sentiment and interest rate concerns. Today, the overall demand picture has remained anchored, with demand shifting materially towards retail buyers. At the same time, supply remains light and supportive of bond spreads, after a couple years of net negative issuance and a longer downward trend in supply after a rapid growth during to help finance the post-crisis fiscal stimulus. How has the economy affected the fiscal health of the cities and states issuing bonds? Are there any concerns about credit deterioration at this point in the economic cycle?