"The Municipal Financial Monitoring Team [of the Federal Reserve Banks of Cleveland and Atlanta] has been looking at how shocks to the municipal bond market, continued problems with pension funding, and general fiscal stress could ripple into something much larger—either in the form of a (rather unlikely) threat to financial stability or perhaps as an aggravation of regional economic woes. To understand these issues, the Monitoring Team has been exploring a number of areas where risks may be building."  MORE >>