Another Corporate Facility Launched, Fed Chair’s Prepared Comments are Stale, & PPP Expires

06/30/2020

  • A scattered reopening rollback continued in the U.S., and an increase in confirmed COVID-19 cases is still expected.

  • The U.S. Federal Reserve launched its Primary Market Corporate Credit Facility yesterday—still nothing similar for the municipal bond market. Something comparable should be prepared.

  • Comments prepared for U.S. Federal Reserve Chair Jerome Powell’s statement to the House Committee on Financial Services are stale. The Q&A will be more informative and up to date.

  • The Paycheck Protection Program has its inefficiencies and funds remain, but the need for relief for small business will continue.

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