Bloomberg's Matt Winkler joins Scarlet Fu on "Bloomberg Real Yield. " Borrowing costs for the state of Texas are higher than they are for California. The yield that investors demand on Texas bonds are, on average, point-3 percentage points higher than the Golden State.
Source: [Bloomberg Markets](https://www.bloomberg.com/news/videos/2026-08-20/texas-is-tip-of-a-melting-muni-iceberg-winkler-video)