The Federal Reserve’s Z.1 flow of funds report came out yesterday and we updated our table of municipal securities holders.  We have a few observations: Concern that tax reform would reduce the value of tax-exempt securities for corporate holders held… Continue Reading →

We were perplexed by the March market sell-off. Why then? Did it take that amount of time for investors to realize that the virus would be with us for longer than we were originally told? But the drop was so… Continue Reading →

Yesterday’s Executive Order (EO) to extend supplemental unemployment benefits would require states to come up with $100/week from already allocated Coronavirus Relief Funds to match the Federal Government’s $300/week supplement (which will come from FEMA Disaster Relief Fund, or DRF):… Continue Reading →

Why are so many prominent economists making this same plea? On July 15, Dr. Ben Bernanke wrote an Op-ed titled:  “I was Chairman of the Federal Reserve.  Save the States.”  The subtitle: “Congress must act decisively to avoid repeating mistakes… Continue Reading →

Debate in the Senate about extending the extra $600 unemployment insurance (UI) benefit beyond this week’s expiration left 32 million people hanging while senators took off for the weekend and millions of unemployed contemplating how they might make their August… Continue Reading →

The Hutchins Center on Fiscal and Monetary Policy at Brookings and three other institutions (Brandeis, Washington University and the Harris School at University of Chicago) are hosting the 9th annual Municipal Finance Conference online on July 13th and 14th. You… Continue Reading →