After significant monetary tightening over the last year, the Federal Reserve has now hiked rates all the way up to a range of 5-5.25%, but this tightening cycle may finally be at a close. With elevated risk of a near-term recession, markets are now expecting the Fed to pivot to rate cuts before the end of the year. For investors, an environment where economic conditions are looking precarious, and rates may soon be headed downwards, an active approach towards fixed income exposure is particularly important. On today's episode, we're going to focus on municipal bonds, which may be an effective way for investors to access high-quality and attractive tax-exempt yields in portfolios, particularly when heading into a downturn. To discuss this, Dr. David Kelly is joined by Richard Taormina, a portfolio manager for several municipal bond strategies here at JP Morgan Asset Management.

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