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The municipal market is catching its breath and recalibrating this week on the heels of the quarter-point rate hike last week, according to Tom Kozlik, managing director and head of public policy and municipal strategy at HilltopSecurities. Investor interest in primary market issuance, Kozlik said, was fairly substantial before last week's Fed meeting. "Municipal bond investor sentiment has been on the upswing to begin 2023, and fund flows have been positive for three of the first five weeks to begin the year," he said.