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John Ceffalio

Co-Head of Municipal Credit and Strategy — Global Fixed Income

Biography

About John

John Ceffalio is co-head of municipal credit and strategy of global fixed income at Northern Trust Asset Management. He manages a seven-member municipal credit research team and also delivers client-facing communications on the municipal bond market. Previously, he served as the head of municipal portfolio management.

John has worked in the municipal bond industry for more than 20 years. Before joining Northern Trust in 2023, John led the municipal team at CreditSights, which provides independent credit market research. Other accomplishments include more than 11 years at buy-side firm, AllianceBernstein, and analyst positions at various ratings agencies. He began his career as a senior aide to Governor Tony Knowles of Alaska.

John earned his bachelor’s degree in history from the University of Alaska Anchorage and a master's degree in public administration from the University of Pennsylvania. He was chair of the National Federation of Municipal Analysts in 2024 and is a member of the Society of Municipal Analysts. John has also served as adjunct associate professor of public service at NYU’s Robert F. Wagner School.

Driven by purpose, guided by humility.

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Recent Insights featuring John

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  • 2025 Municipal Bond Sector Outlook: Stability and Resiliency
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    2025 Municipal Bond Sector Outlook: Stability and Resiliency

    Outlooks for higher education and healthcare are the weakest while transportation and essential utilities are the strongest. Resiliency to withstand an economic downturn is strong for all sectors.
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  • How the U.S. Election Might Impact Municipal Bonds
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    How the U.S. Election Might Impact Municipal Bonds

    Municipal bond investors benefit from tax-exempt interest, and any post-election tax policy changes could affect how this advantage plays out in the future.
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