Mixed Impact: High Inflation on US Public Finance Sectors

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High inflation is having a mixed credit impact on US state and local governments and a more negative impact on US hospitals. Wage pressure is a common denominator across sectors, but governments have a partial hedge on the revenue side given nominally rising sales and income taxes. Managing through high inflation and a real economic slowdown will test fiscal discipline.

  • High inflation and employment shortage pushing up wage and benefit costs
  • Nominally rising tax revenues a partial inflation hedge for governments
  • Hospitals' performance curbed by inflation and labor shortages
  • Soaring construction costs hit capital budgets, raise disaster recovery expense
  • Premium on strong management in event of real economic downturn
  • Speakers keyboard_arrow_down
    Tim Blake Managing Director - Public Finance Group Moody's Investors Service Bio
    Dan Kowalski Analyst Moody’s Investors Service Bio
    Douglas Goldmacher Vice President / Senior Analyst Moody's Investors Service Bio
    Beth Wexler Vice President/Senior Credit Officer Moody's Investors Service Bio
    Michael Wertz Vice President - Senior Analyst, Public Finance Group Moody's Investors Service Bio
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