How Liquid Are Your Assets: FAQs on HQLAs

Municipal bonds were recently excluded from the definition of “high-quality liquid assets” (HQLAs), creating consternation among state and local governments.

SNAP Starts Shrinking, But Not By Much

The Supplemental Nutrition Assistance Program (SNAP) is designed to be counter-cyclical, and it is. Benefits have declined since their 2013 peak, but not nearly so fast as the unemployment rate.

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