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Mayor warns about a worsening budget picture amid possible roadblocks to further federal aid and more dire projections from watchdog IBO.

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.

California may need to use interfund borrowing to get its budget into balance, Gavin Newsom said.

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 state government, which was looking at multibillion-dollar surpluses before the coronavirus struck, is now facing a $54.3 billion of red ink.

This year's award recipients are New York City Comptroller Scott Stringer, city Deputy Director for Finance Alan Anders and Jefferies banker Kym Arnone.