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How the Muni Market Became the Epicenter of the Liquidity Crisis

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The coronavirus triggered a liquidity crisis in the nearly $4 trillion municipal-bond market, but the volatility that resulted has been brewing for a decade

Desperate sellers across most markets sold assets at deep discounts last month as the spreading new coronavirus left investors fearful and hungry for cash.

Perhaps no investment flipped from coveted haven to spurned hot potato as quickly as municipal bonds.The coronavirus pandemic is disrupting the global economy. WSJ’s Greg Ip explains what the Federal Reserve can do to stem the damage. Illustration: Carlos Waters/WSJ

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Cities are raising property taxes in this slowing economy, instead of focusing on cutting costs or offering temporary paycuts to avoid layoffs. It is time for the Government to 'Go Lean'.

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