It's both. Here is some information on the Municipal Lending Facility: https://www.federalreserve.gov/monetarypolicy/muni.htm https://www.federalreserve.gov/mo

It's both. Here is some information on the Municipal Lending Facility: https://www.federalreserve.gov/monetarypolicy/muni.htm https://www.federalreserve.gov/monetarypolicy/muni.htm