Coronavirus

Lawmakers return to the state capital to formally approve the budget Thursday amid concerns over the novel coronavirus outbreak.

The Affordable Housing Credit Improvement Act last week achieved a milestone by garnering bipartisan cosponsorship by more than half of the 435 members of the House.

Gov. Chris Sununu is preparing contingency plans as virus threatens state revenues.

Chicago Mayor Lori Lightfoot's administration is stressing the city's improved liquidity and jolt of refinancing savings provide a cushion to manage the near-term tax losses.

Controversy over state borrowing levels and how to backstop COVID-19 measures surrounded a two-year, $4.7 billion bond authorization bill that Gov. Ned Lamont signed.

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.

The suspension of spectator sports removes two critical revenue streams for the venue in Brooklyn, according to Moody's Investors Service.

The Federal Open Market Committee lowered the fed funds rate target to between zero and ¼% in an emergency meeting on Sunday, but while analysts say the move was needed, they feel it will take more to offset the effects of COVID-19.

In an unprecedented move, the Federal Reserve on Sunday cut rates to near zero.

Uncertainty still abounds for the public finance space, as just before the market close, President Trump declared a national emergency. Meanwhile, states and cities across the country are closing schools, sporting events, and cutting back public transit. But Friday, at least, provided some reprieve from the five previous volatile days.

Nuveen, Friedlander, BofA offer some recommendations on COVID-19 credit and sector impact.

Cities and states that rely on hotel taxes and tourism-related revenues will lose billions as events and attractions shutter to slow the spread of COVID-19.

Consumer worries over the virus' spread dampened enthusiasm early this month.

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.

Other Midwest legislatures are canceling sessions or weighing early spring breaks to slow the spread of COVID-19.

Career veterans call fallout from COVID-19 concerns on the municipal market worse than that of 9/11 and the 2008 financial crisis combined.

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.

As COVID-19 impacts the U.S. economy, muni market participants want to bring back tax-exempt advance refunding, raise the cap on bank-qualified debt, among others.

As business and leisure travelers stay at home rather than risk infection, events small and large are cancelled, and business slows so sharply it shows that the longest U.S. economic expansion since the 1850s may finally hit the wall.

The stock market plunge amid the COVID-19 pandemic increases the risk of a revenue shock for California and other states that depend on capital gains taxes.