U.S. Municipal Debt Market Shrinks as Borrowing Falls, Fed Says

U.S. state-and local-government debt decreased during the last three months of 2012 as new borrowing slipped, the Federal Reserve reported.

The drop pushed the size of the municipal securities market to $3.71 trillion by the end of the year, down from $3.72 trillion at the end of September, according to figures released by the central bank today.

To contact the reporter on this story: William Selway in Washington at wselway@bloomberg.net

To contact the editor responsible for this story: Stephen Merelman at smerelman@bloomberg.net

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