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Federal Reserve Bank of St. Louis President James Bullard said the U.S. should declare the equivalent of a three-month break for nonessential businesses to fight the spread of the coronavirus.

Senate Democrats voted as a bloc Sunday evening to stop consideration of an estimated $1.6 trillion relief package because of its perceived shortcomings, including the lack of provisions to assist state and local governments.

The comptroller called for passage of a federal rescue bill and measures to shore up the city budget.

We are desperately trying to establish the bottom at present to provide a modicum of confidence that investors may stop raising cash and would be more inclined to put the cash horde back to work in the market.

The city and state haven't put dollar amounts on what they need but both were already facing budget and pension stresses before the public health crisis struck.

Judges said the district court judge was reasonable in her treatment of the case differently from that of a corporate bankruptcy.

The Fed allowing use of munis as collateral in its MMLF program won't fix all the problems caused by COVID-19 and may add issues.

Some market professionals were quick to say that the step would not be sufficient to soften the blows hammering the wider muni market.

The SEC answered questions regarding COVID-19 disclosure in a webinar Thursday and said there would not be relief for issuers' late annual financial filings.

The Medicaid Redesign Team would pare spending on state hospitals by nearly $400 million and projects $1.6 billion in savings overall.

The central bank said its program to support money market mutual funds will also serve as a backstop for state and local governments.

A Senate bill to be introduced Friday would allow the Federal Reserve to purchase municipal debt, in an effort to ease the economic strain of the coronavirus pandemic on state and local governments.

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.

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.

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

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.

The U.S. central bank is weighing whether to expand the scope of its interventions in financial markets being battered by concerns over the coronavirus, Philadelphia Federal Reserve Bank President Patrick Harker said.

Puerto Rico Gov. Wanda Vázquez Garced issued an order for all residents except a few classes of essential employees to remain at home.