Washington

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.

BB&T failed to submit accurate minimum denomination and maximum interest rates to the MSRB’s Short-Term Obligation Rate Transparency (SHORT) System in 3,710 instances, FINRA found.

The pandemic is taking a toll on tax receipts, leading the central bank to establish a municipal debt facility. Without a turnaround, the consequences for the financial system could be dire.

Federal Reserve Bank of San Francisco President Mary Daly said she expects the U.S. economy to shrink this year with a recovery only getting under way next year.

Federal Reserve Bank of Minneapolis President Neel Kashkari says the coronavirus will inflict “devastating” levels of U.S. unemployment and economic recovery will be long and gradual.