The Federal Reserve issued a stark warning Friday that stock and other asset prices could suffer significant declines should the coronavirus pandemic deepen, with the commercial real estate market being among the hardest-hit industries.

Analysts and issuers say the Municipal Liquidity Facility is a last resort aimed primarily at lower-rated issuers. But recent deals could prove the MLF’s effectiveness as a backstop.

Yields on all triple-A benchmark curves out to nine years are now below 1%. The largest bumps were again on the very short end of the curve. Lipper reported $580 million of inflows.

U.S. lawmakers will have to do more to support Americans financially in the coming months, Minneapolis Fed President Neel Kashkari said.

Investors are sending the message that higher-grade, longer-term issuers will fare far better than lower-rated, higher-yield ones amid a focus on credit.

Market participants want the Fed to get the program up and running by the end of this month.

Fed chair warns recovery may not be quick or easy.

The central bank will disclose information on a monthly basis about its Term Asset-Backed Securities Loan Facility and its Paycheck Protection Program Liquidity Facility.

Federal Reserve officials warned the virus outbreak and a partial shutdown of the U.S. economy would result in a decline in the current quarter of historic proportions and risk the potential of massive bankruptcies that could create a lasting scar.

Federal Reserve Vice Chairman for Supervision Randal Quarles said financial strains triggered by the coronavirus have eased but “the storm” is not over and further steps may be needed to shelter the U.S. from the pandemic.

The Fed’s rates send a signal to the municipal market that it wants it to survive on its own.

Atlanta Fed president said the Fed is keeping "all tools on the table" and could discuss negative rates.

Federal Reserve Bank of Cleveland President Loretta Mester said Washington will have to step up aid to states and cities struggling with the economic impact of the coronavirus pandemic.

The pandemic is taking a toll on tax receipts, leading the central bank to establish a municipal debt facility. Without a turnaround, the consequences for the financial system could be dire.

Federal Reserve Bank of San Francisco President Mary Daly said she expects the U.S. economy to shrink this year with a recovery only getting under way next year.

Federal Reserve Bank of Minneapolis President Neel Kashkari says the coronavirus will inflict “devastating” levels of U.S. unemployment and economic recovery will be long and gradual.

Gary Zimmerman, CEO of MaxMyInterest, discusses the recent Federal Open Market Committee meeting, the challenges of responding to the coronavirus pandemic and the issues it caused, and why interest rates may have to stay low for longer than many expect. Gary Siegel hosts.

Federal Reserve Bank of St. Louis President James Bullard said policymakers need to mitigate the ongoing risks from the coronavirus in the second half of the year and gradually reopen the U.S. economy to avoid deeper harm.

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

Federal Reserve Vice Chairman Richard Clarida mixed a sobering acknowledgment of the damage inflicted on the U.S. economy by the coronavirus pandemic with an optimistic outlook for the second half of the year.