The coronvirus-induced economic slowdown will hurt tax receipts that state and local governments rely upon to pay their employees.
to help cash-strapped local governments.
Even as the Federal Reserve slashed interest rates, demand for municipal bonds fell sharply in March. The iShares ETF that tracks municipal debt fell about 15% between March 9 and March 19, reflecting lower prices for the underlying bonds. The Fed said its new facility, part of a $2.3 trillion group of programs to bolster the U.S. economy, will purchase short-term debt from states, counties with at least 2 million people and cities with a population of at least 1 million.
"It's pretty much conceded that the tax cut ... and the teacher pay raise for this coming year are doubtful," Fleming said.
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