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Instant View: Mnuchin Asks Fed to Return Money for Emergency Lending

"Investors have banked on the MLF (Municipal Liquidity Facility) being a reliable, emergency lender to our (municipal bond) market’s core borrowers. It has taken the idea of a payment default or catastrophic budget problem off the table. Without the MLF, the market won’t collapse, but it will lack some resilience if its tested by a selloff or more pronounced credit fears."

https://money.usnews.com/investing/news/articles/2020-11-19/instant-view-mnuchin-asks-fed-to-return-money-for-emergency-lending

Tim Holler