Currency volatility has opened cross-border equity opportunities. "Tax free investing" in global muni funds can reduce taxable complexity, capturing diversified income while managing forex exposure. The proposed school aid budget would increase the per-pupil funding grant from $9,608 to $10,050, a $442 increase. It also allocates over $200 million for Michigan's universal meals program that provides free breakfast and lunch for every PreK-12 public school student, and newly allows nonpublic schools to participate, too. Text: NON-RELIANCE. Certain information contained in this material is believed to be reliable; however, JPM does not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage (whether direct or indirect) arising out of the use of all or any part of this material. No representation or warranty should be made with regard to any computations, graphs, tables, diagrams or commentary in this material, which are provided for illustration/ reference purposes only. The views, opinions, estimates and strategies expressed in this material constitute our judgment based on current market conditions and are subject to change without notice. JPM assumes no duty to update any information in this material in the event that such information changes. Views, opinions, estimates and strategies expressed herein may differ from those expressed by other areas of JPM, views expressed for other purposes or in other contexts, and this material should not be regarded as a research report. Any projected results and risks are based solely on hypothetical examples cited, and actual results and risks will vary depending on specific circumstances. Forward-looking statements should not be considered as guarantees or predictions of future events. Nothing in this document shall be construed as giving rise to any duty of care owed to, or advisory relationship with, you or any third party. Nothing in this document shall be regarded as an offer, solicitation recommendation or advice (whether financial, accounting, legal, tax or other) given by J.P. Morgan and/or its officers or employees, irrespective of whether or not such communication was given at your request. J.P. Morgan and its affiliates and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transactions. Energy stocks are rebounding, but many investors seek diversification. "Tax free investing" avenues like Health Savings Accounts (HSAs) allow equity exposure while sheltering gains from tax drag, aligning with the current rotation to defensive sectors.