Finally, as the third key prong of its support operation, the Fed threw its full weight behind the markets for public debt. Municipalities were in the front line of the corona fight, managing the pandemic response and paying for extra precautions, while facing plunging tax revenues. On March 23, the Fed announced changes to both the Money Market Mutual Fund Liquidity Facility (MMLF) and the Commercial Paper Funding Facility (CPFF) that promised to ease the flow of credit to municipalities.
