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There are, in practice, a limited number of ways to invest in infrastructure and it is impossible to do so without getting involved in state and municipal financing from an effectiveness perspective — putting aside cost, because government entities are the primary way the federal government moves its money into the market.
May 15Advantage Infrastructure -
It is feasible that not all COVID-19 filings are or will be material but one may want to err on the side of caution in this regard.
May 12SOLVE -
With tax revenues plummeting, one additional solution policymakers could consider would throw state and local governments a revenue lifeline: uncapping and funding the Community Disaster Loan program.
May 8Ernst & Young LLP -
While the economic data are still bleak, signs of recovery may already be emerging.
May 7HYCM -
Public finance has changed a lot since the Great Depression, so a repeat of that era’s default experience is not preordained even if this contraction matches the worst predictions.
April 30Cato Institute -
The ultimate impact of the bear market on pension risks is likely to vary widely among issuers, making granular analysis more important and valuable.
April 28Build America Mutual -
The Fed’s new program, however, will not be enough to negate the serious financial consequences that are likely to befall some local governments as they begin to feel the full effects of shutting down the economy. Both the Fed and Congress need to do more.
April 27Bond Dealers of America -
It is the underlying economy and demographics that drive tax revenues, budget needs, policy decisions, and capital needs/debt issuance of governments. Economic data is objective and updated often which can be critical in times like these.
April 24Lumesis -
The coronavirus has created such a massive disruption to the world’s stock markets that almost all California public employee defined-benefit pension plans will never recover. At a minimum, they must be put on a fiscal ventilator.
April 20California -
A complete disconnect between liquidity providers and seekers exposed the market’s inefficiencies: an asset class dominated by a limited investor base—retail investors—has grown increasingly concentrated.
April 17Western Asset Management