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Muni Facility Helped Rapid Muni Market Recovery, Fed Official Says

FED
(MNI) WASHINGTON
  • "We measure the success of the MLF [Municipal Liquidity Facility] based not on its volume of lending, but rather on the condition of the municipal securities market and state and local government access to capital," Fed official Kent Hiteshew wrote in testimony for a Congressional hearing. Hiteshew is testifying Thursday morning.
  • Pointing to improved spreads, investor demand, and record $225 billion issuance of bonds since early April in the muni markets, Hiteshew says the MLF has helped a rapid market recovery. But he says the Fed will continue to monitor muni markets.
  • The MLF has purchased only $1.65 billion out of a potential $500 billion.
  • Hiteshew, countering criticism from Congress that the program has left out support to many cities, says the Fed is not aware of any cities or counties with populations below the MLF eligibility thresholds that are currently having difficulty accessing capital at affordable rates.
  • See testimony here.
MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
Energy BulletsCommodities
MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
Energy BulletsCommodities

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