The Federal Reserve's move to lower interest rates for its short-term municipal note purchase program isn't likely to impact most issuers' calculus in deciding whether or not to access it."The pressure on the Fed must be enormous for them to make this sort of public adjustment," said Brian Battle, director of trading at Performance Trust Capital Partners. "They acknowledged that they should make the utility greater by lowering the rates, but the net effect is, the rates are still high enough that it doesn't look like anyone will use it."
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