Author Archives: David

What did the Fed do in response to the COVID-19 crisis?

Brookings Institute The coronavirus crisis in the United States—and the associated business closures, event cancellations, and work-from-home policies—triggered a deep economic downturn. The sharp contraction and deep uncertainty about the course of the virus and economy sparked a “dash for … Read more

Ten year Treasury yield drops, driving popular bond-market recession gauge to most-negative level in more than 40 years

MarketWatch Vivien Lou Chen 11/16/2022 The benchmark 10-year Treasury yield dropped to another one-month low on Wednesday, driving a popular bond-market gauge that is an indicator of a potential recession to its most negative level in more than 40 years. … Read more

Lawmakers Pass Debt Limit

On October 12, lawmakers in the House pushed through a bill that ensures that the U.S. Treasury can continue to meet its financial obligations for the next couple of months. The bill raising the nation’s debt ceiling cleared the Senate … Read more

Senate Passes Bipartisan Infrastructure Bill

On August 10, through a 69-30 vote, the Senate passed the infrastructure package that has been under negotiation since the beginning of March this year. The bill will roll out over $500 billion in “new” federal spending, providing fresh monetary … Read more

House Approves Biden’s Stimulus Bill

New York Times: Emily Cochrane March 10, 2021 Congress gave final approval on Wednesday to President Biden’s sweeping, nearly $1.9 trillion stimulus package, as Democrats acted over unified Republican opposition to push through an emergency pandemic aid plan that included … Read more

Advance Refunding Bill Introduced in the Senate

GFOA Member News: February 25, 2021 On February 25, Senator Roger Wicker (R-MS) introduced legislation reinstating advance refunding to the tax code.  Senator Wicker has been a steadfast ally in support of bringing the provision back, citing the value the … Read more

5 ways the Fed’s interest rate decisions impact you

Sarah Foster September 18,2019 You don’t want to hit the snooze button when the Federal Reserve decides to raise or lower rates. The central bank of the U.S. – also known as the Fed – is charged by Congress with maintaining economic and … Read more

New round of China tariffs could set stage for more Fed rate cuts

8/1/2019 Reuters:  Ann Saphir and Richard Leong President Donald Trump’s decision to impose new tariffs on Chinese imports has once more thrown the Federal Reserve a curve ball that could prompt the central bank again cut interest rates again to … Read more

Preparing for the Discontinuation of LIBOR and Transition to SOFR

May 2, 2019 GFOA Newsletter On July 27, 2017, the U.K. Financial Conduct Authority announced that it intends to stop compelling banks to submit London Interbank Offered Rates (LIBOR) by the end of 2021. The New York Fed has started … Read more

Liquidity Coverage Ratio Rule/HQLA Resource Center

GFOA Newsletter:  July 27, 2017 Urge Your Congressional Representatives to Classify Municipal Securities as High Quality Liquid Assets! On July 25, 2017, the House Financial Services Committee approved HR 1624, bipartisan legislation that would require federal regulators to classify all … Read more