The Fed’s Muni Bond Purchases Won’t Rescue State And Local Budgets
The Fed’s historic $500 billion intervention will help stabilize the muni market. But it won’t solve the plummeting state and local budgets caused by the pandemic recession.
Federal Reserve Chairman Jerome Powell is overseeing a historic intervention in municipal bond … [+] markets. (Photo by Federal Reserve via Getty Images)
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Among the extraordinary policy steps taken in…