State of New York

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

State Comptroller Thomas DiNapoli released updated state revenue projections.

The comptroller, citing projected losses in entertainment and tourism while the city is virtually closed, called for a savings target of 4% of tax levy-funded agency spending.

How severe a financial hit New York City will take during the COVID-19 pandemic is as much of an unknown as the degree of virus spread.

With a state budget deadline on the horizon, NY Gov. Andrew Cuomo is requesting revised revenue estimates that factor in the economic realities of fast-spreading virus.

The municipal market was hammered Wednesday by the COVID-19 pandemic with a more than quarter point correction in AAA benchmarks, issuers pulling deals off the shelves and more reports of pricing and evaluation confusion.

Chairman Patrick Foye says that the outbreak has no material effect for now, and the authority promises to continue timely disclosure.

As fear and uncertainty over COVID-19 rapidly grow, it has sent yields for both municipals and Treasuries to never before seen low levels — begging the question if we could see zero or negative yields here in the States?

The world remains on edge about the rapidly spreading COVID-19 and those fears once again have Treasury yields digging down even deeper. COVID-19 fears have now impacted fund flows, as municipals suffers outflows for the first time in 60 weeks.

The Federal Open Market Committee cut the fed funds rate 50 basis points to a range between 1% and 1.25%. The decision to cut rates was unanimous.