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The authority, which tapped its $1 billion credit line and received a warning shot from Moody's, says COVID-19 is a disaster that requires a national response.

Barber and Amoroso will work together during a temporary transition phase.

Lipper reported a whopping $12.2 billion of outflows from municipal bond funds. Out of that huge number, $5.3 billion were from high-yield funds. The $12 billion figure of outflows in one week equates to about 3% of annual municipal volume.

Federal Reserve Bank of Boston Eric Rosengren offered an upbeat assessment in the face of the darkening economic crisis, saying the U.S. can withstand the short-term damage caused by the coronavirus pandemic.

A coalition of healthcare industry organizations is asking for $100 billion in direct federal help, warning that the survival of some hospitals is at stake.

If the Federal government doesn't help, the $12 billion plan could be funded by the city selling "relief bonds."

A memo circulated Wednesday by House Financial Service Committee Chairwoman Maxine Waters, D-Calif., suggests that the next wave of federal legislation authorize the Fed to support state, territory, and local debt issuance in response to the coronavirus outbreak.

Schools in 39 states had closed by Wednesday.

As the Federal Reserve continues trying to keep markets liquid as the stock market sinks, economic data are showing the effects of COVID-19.

BDA told Fed Chair Jerome Powell that two existing programs could help the muni market overcome the impact of the virus.