Nate Jones, head of fund finance and Treasury at Nuveen, says that conditions and 'market nuances' from late in 2022 have carried into the new year, noting that the yield curve for municipal bonds is sloping upward even more than the plot on taxable bonds, which is creating opportunities for investors to benefit from using leverage to make closed-end muni returns attractive now. Jones also explains the December supply-demand imbalance in muni bonds, and why it might reoccur come tax time, and discusses how rising rates have raised default concerns but haven't led to a significant increase in bond failures.