Fed Pledge to Buy Corporates Underway; Nothing New for Municipals

  • The U.S. Federal Reserve launched its Main Street Lending Program and activated its Secondary Market Corporate Credit Facility, both on Monday of this week.

  • Chairman Jerome Powell was also busy communicating with lawmakers this week.

  • There is currently nothing available for the municipal bond issuers like the Fed’s Main Street Lending Program or its Primary or Secondary Market Corporate Credit Facility and there is no potential for anything similar on the horizon, to our knowledge.

  • Over the last week or so, there has been all kinds of activity on the non-municipal front where the Federal Reserve is concerned, but nothing new for state and local governments.

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