Podcast

Local governments are in trouble. Can the Fed save them?

The pandemic is taking a toll on tax receipts, leading the central bank to establish a municipal debt facility. Without a turnaround, the consequences for the financial system could be dire.

Jerome Powell, chairman of the Federal Reserve, exits after speaking during a news conference in Washington on March 3, 2020.
Jerome Powell, chairman of the Federal Reserve, exits after speaking during a news conference in Washington on March 3, 2020.