Washington

Fed chair warns recovery may not be quick or easy.

More than four out of five states needed supplemental appropriations, rainy day funds or fiscal reserves to meet coronavirus challenges.

More issuers are missing bond payments and deadlines for filing annual financials; the Roman Catholic Church of the Archdiocese of New Orleans filed for bankruptcy partially blaming COVID-19, affecting $41 million of bonds.

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.

IRS General Counsel Michael Desmond said Wednesday his office has received “a number of requests” for extending deadlines.

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.