Washington

The Federal Reserve has been proactive and the secondary market could be next up for assistance.

Federal Reserve Vice Chairman Richard Clarida mixed a sobering acknowledgment of the damage inflicted on the U.S. economy by the coronavirus pandemic with an optimistic outlook for the second half of the year.

The “municipality fund” would use a modified Community Development Block Grant formula with 70% going to cities and towns with a population of over 50,000 and the remaining 30% to municipalities under 50,000 in population.

Chicago Fed president said there is no reason to raise rates "anytime soon."

Mark Kim, MSRB chief operating officer, predicted even more disclosures in the near future.

The IRS also announced temporary guidance providing relief for the calendar year 2020 regarding the reacquisition of qualified tender bonds and commercial paper.

The SEC encouraged issuers to provide investors with forward-looking information as to how the pandemic will affect future finances.

The coronavirus pandemic could do lasting harm to U.S. productivity unless the nation adapts to the realities of living with COVID-19, says Federal Reserve Bank of Richmond President Thomas Barkin.

The congressional letter emphasizes that Congress wants the Fed to expand its support for the municipal bond market beyond the scope of the Municipal Liquidity Facility.

Many of the MSRB’s past and current public board members have had significant connections with regulated dealers or banks, the unions said.