Markets

While the employment report showed record job losses and a spike in unemployment, economists pointed to some positives.

In the midst of issuer credit deterioration due to coronavirus, muni yields fell and new-deals were priced on the heels of California's $54 billion deficit news.

Initial jobless claims continued to slide, but remain above the 3 million mark, as an expected ugly unemployment report is on deck.

Bringing bond denominations down to $1,000 would capture goodwill from New York residents and transit riders, said Mitchell Moss of New York University.

Cheng, a six-year veteran of the rating agency, will be a senior vice president of Citi's Institutional Clients Group.

Primary deals are now coming at tighter spreads to the secondary than they have recently. Cooler heads are appearing on the institutional side, but ICI reports $1.7 billion pulled from muni market mutual funds.

The Federal Reserve has been proactive and the secondary market could be next up for assistance.

The lowest-rated state government moved a $1.2 billion GO certificate deal to the day-to-day calendar in the face of a skeptical buyside.

Two credits struggling with coronavirus-driven revenue shortfalls experienced very different outcomes in Tuesday's market. Taxable Penn State bonds showed the appetite for taxable munis is real.

Chicago Fed president said there is no reason to raise rates "anytime soon."