[20200814]IF11621_新冠病毒-19：美联储的市政流动性贷款.pdf

https:/crsreports.congress.gov August 14, 2020COVID-19: The Federal Reserves Municipal Liquidity FacilityState and local (municipal) governments issue debt (often called bonds) for a variety of purposes, including infrastructure construction. In April 2020, the Federal Reserve (Fed) announced the creation of the Municipal Liquidity Facility (MLF) to ease pressures in municipal debt markets caused by Coronavirus Disease 2019 (COVID-19). Pressures eased around the time the MLF was announced. One municipality has used the MLF to date. Recent Activity and Outlook State and local governments faced two financing problems early in the pandemic. First, they faced budgetary pressures caused by COVID-19s effects on revenues and spending. Second, they faced a disruption in municipal bond markets at the onset of the COVID-19 crisis, which hindered their ability to issue debt. This disruption was triggered by a decline in investor demand caused by uncertainty about COVID-19s effects on municipal bond markets and the economy more generally. Beginning in April, municipal debt market activity has rebounded as investor fears have subsided. Table 1 shows the volume of new municipal issuances in 202