State and local governments are going to need generous lines of credit to get through the next few months. Joe Biden has an opportunity to act by rethinking the Municipal Liquidity Facility at the Federal Reserve.

Illinois closed Thursday on its second MLF borrowing as the program nears its expiration date.

The Federal Open Market Committee announcement commits it to buying at least $120 billion of securities a month until “substantial further progress” is made on its dual mandate of stable prices and maximum employment, suggesting it will continue well into 2022.

The Federal Reserve said it will continue to support the economy through massive monetary stimulus until it sees “substantial further progress” in employment and inflation.

Illinois expects to close by the end of the week on a three-year loan through the Federal Reserve at 3.42%, a steep penalty compared to the state's current trading levels.

The Federal Open Market Committee meeting this week will not offer the chance of rate changes, but will bring a new dot plot, and economists are most interested in the GDP projections.

The GFOA Debt Committee is working on issuing a similar Libor advisory in advisory in January or February.

Pinned into a corner from the economic effects of COVID-19, the mass transit agency tapped its remaining amount available through the Municipal Liquidity Facility, which expires at year's end.

Christopher Waller was confirmed to a seat on the Federal Reserve Board on Thursday by a 48-47 vote along party lines.

The Federal Reserve is in no hurry to taper its massive bond buying program, Chair Jerome Powell said Wednesday.

Most districts reported slight growth, but four reported little or no growth since the last report.

The Senate voted to advance Christopher Waller’s nomination to serve on the Federal Reserve Board, clearing the way for final confirmation Thursday.

Federal Reserve Governor Lael Brainard said Tuesday that more government fiscal aid is needed to prevent deeper damage to a U.S. economy coping with a fresh surge in coronavirus cases.

Senate Majority Leader Mitch McConnell set up a vote to advance the nomination of Christopher Waller to the Federal Reserve Board, potentially clearing the way for his confirmation later this week.

Federal Reserve Chair Jerome Powell is cautioning lawmakers that the U.S. economy remains in a damaged and uncertain state, despite progress made in the development of COVID-19 vaccines.

The U.S. economy seems to be holding up despite a surge in COVID-19 cases and hospitalizations, clouding the case for more monetary stimulus, Federal Reserve Bank of Richmond President Thomas Barkin said.

The central bank will prolong the life of the Commercial Paper Funding Facility and three other programs while returning congressionally approved funds for five separate facilities that will shut down Dec. 31.

Illinois will borrow $2 billion through the Federal Reserve's Municipal Liquidity Facility to help manage its 2021 budget gap. The state previously borrowed $1.2 billion from the MLF for its fiscal 2020 pandemic hole.

Federal Reserve officials discussed providing more guidance on their bond-buying strategy during their Nov. 4-5 policy meeting.

Yellen will inherit an Office of State and Local Finance that has been a low-key operation since it was formed in 2014 to manage the Treasury’s response to Puerto Rico’s economic, fiscal and debt crisis.