Op-ed by Marc Joffe, includes “Although the Municipal Liquidity Facility (MLF) was conceived as an emergency measure, it is continuing beyond the financial market crisis of March 2020 and could become a permanent feature. If the Fed continues to expand MLF, it could crowd out traditional municipal bonds … Federalizing state and local finance would likely extend chronic, massive deficit spending to all levels of government, doubling down on our current experiment with Modern Monetary Theory and accelerating the onset of chronic inflation.”
Read the full article on: The Bond Buyer