In this month's Municipal Strategy Report we discuss Fed policy as policymakers appear stuck in a moment that they can’t get out of. Since forward guidance for the “Great Initiation” began in the summer of 2013, we are approaching the three year anniversary with only one rate increase to show for it.
Additionally, the MSR features the following:
- In “Brexit Fears Rattle Financial Markets” we examine the economic and political issues surrounding the referendum and the impact June 23 vote could have on financial markets.
- In “Pension Contribution Growth Outpaces Spending for Half of States” we analyze the implications of state pension spending outpacing state General Fund spending, a dynamic observed in half of the states that have reported 2015 results so far.
- “California Ballot Approved at Near Record Levels” provides an overview of local bond and tax initiatives that California residents voted on June 7. More than $5.7B in aggregate bonding authority was approved, with approval rates close to record levels.