Washington

The Federal Reserve's Summary of Economic Projections forecasts inflation won't hit its 2% target next year, and others agree.

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.

Senate Majority Leader Mitch McConnell suggested state and local governments would use stimulus to shore up pension plans.

FINRA announced the settlement this week, in which RBC agreed to a censure while neither admitting nor denying FINRA’s findings that it violated Municipal Securities Rulemaking Board Rule G-27 on supervision. RBC was not fined.

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.

AAPA contends Congress should provide aid to ports as the industry has been hammered by COVID-19.

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.

It substitutes the $160 billion in direct aid to state and local governments that had been proposed with direct checks to individuals.

The former South Bend, Indiana mayor understands the needs of state and local governments, though he lacks experience running a large organization.