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Without an effective therapy or a vaccine for the novel coronavirus, the U.S. economy could face 18 months of rolling shutdowns as the outbreak recedes and flares up again, Federal Reserve Bank of Minneapolis President Neel Kashkari said.

Chicago Mayor Lori Lightfoot says city hopes for additional federal help and won't dip into reserves or push off pension payments to manage through coronavirus-induced economic turmoil.

The court offered a bruising assessment of Nuveen's attempts to choke off Preston Hollow's business, but the investment powerhouse doesn't face any penalties or damages.

Moody’s revised its outlook on Illinois’ Baa3 rating to negative from stable; a university study warns of a worst-case $28 billion multi-year revenue hit.

The Fed will help the muni market navigate the short-term pain caused by coronavirus via direct purchases of bonds on the short end. However, the Fed will effectively hand off the responsibility to choose winners and losers to state officials, a move the market generally greeted positively.

Democrats proposed an additional $100 billion for hospitals and $150 billion for state and local governments.

South Carolina lawmakers set aside money for the state’s pandemic response but it’s also on hold along with the fiscal 2021 budget.

May is when budget talks usually get serious in California, which has a budget highly dependent on income and capital gains taxes.

Jobless claims declined 261,000 from the previous week’s revised level of 6.87 million, originally reported as 6.65 million.

New York’s new state budget provides flexibility to deal with near-term revenue hits from COVID-19, but it has little bandwidth to withstand a deep recession.