Local bond, informally

MUNI

["Think of a short-term investment often issued by cities to fund projects like schools or roads, sometimes seen as a safer alternative to stocks. The name sounds like it’s missing a few letters."]

"Muni" is short for municipal bond, a type of debt security issued by local governments to fund projects like schools or roads. The clue plays on the informal tone by dropping the full term—just like you’d casually say "muni" instead of "municipal" in conversation. It’s a straightforward abbreviation, so no tricky wordplay, just a common finance shorthand.