Coronavirus

Federal Reserve Bank of St. Louis President James Bullard, in the most upbeat comments by a central banker since the start of the COVID-19 outbreak, said the U.S. economy may surge at a 35% annualized rate in the third quarter and the nation may be close to a complete recovery by year-end.

Johanna Som de Cerff of the IRS Office of the Associate Chief Counsel spoke during an online presentation to the National Association of Bond Lawyers.

Mayor Bill de Blasio expanded furloughs to all managerial and non-represented employees while City Hall also faces an alarming coronavirus spike in some neighborhoods.

Pledging the payroll mobility tax would get the authority a lower Municipal Liquidity Facility interest rate, board member Lawrence Schwartz said.

The city's use of reserves to manage past deficits drove a two-notch downgrade from S&P Global Ratings, to A from AA-minus.

The U.S. economy’s recovery from the virus-induced recession will get much harder, with more permanent job losses unless there’s additional fiscal support, Federal Reserve Bank of Atlanta President Raphael Bostic said.

Analysts warn that borrowing planned in a revised New Jersey budget will result in lasting fiscal distress as it pays back the debt.

While most of the losses have been recovered on a monthly basis, the bigger picture is not as rosy.

Chicago's chief financial officer said the city must consider all options given the magnitude of the pandemic in the absence of federal relief for lost revenue.

The Florida Cabinet approved new money and refunding bonds, some of which may be sold as taxable debt with advance tax-exempt refundings no longer possible.

Rep. Rashida Tlaib, D-Mich., said the Municipal Liquidity Facility is not flexible enough for states and local governments.

The conventional wisdom has been that clients should keep six to 12 months of living expenses in cash in case of job loss or another unexpected event. While that is sound advice, in the age of COVID-19, this may no longer be enough.

Federal Reserve Bank of St. Louis President James Bullard said the U.S. economy has enough momentum to continue its recovery from the coronavirus slump even if Congress fails to pass additional taxpayer support.

The system took two rating hits over its rising debt levels and strained balance sheet metrics as it readies a $354 million borrowing.

S&P issued a bulletin Monday warning that pressure is mounting on Illinois' BBB-minus rating —the lowest investment grade — as federal relief remains stalled.

Facing a revenue disruption over next two years, the Harris County-Houston Sports Authority will ease cash flow pressure with a $100 million refunding.

A conversation with Greg Carmichael, Chairman, President and Chief Executive Officer, Fifth Third Bancorp discussing the consumer banking trends and lessons learned during the pandemic.

Family emotions, union pushback, fears of a new COVID-19 wave, cost drivers and data fluctuations are all at play as the city flip-flops on in-person education.

Fitch questions Buffalo, N.Y's revenue estimates and says the pandemic forced the city to use much of its reserves.