Washington

Municipal benchmark yields were lowered by 60 to 80 basis points across the curve. Some trades pointed to nearly a 1% bump on short-term paper while state and local governments grapple with downgrades and revenue shortfalls.

In the MSRB’s first report showing data from March 24, trades topped 87,215, which is likely a record, said Marcelo Vieira, MSRB director of research.

With the Federal Reserve bringing the target rate down to the zero lower bound, communication takes on a vital role, and, if used properly, can enhance Fed actions.

Overall $274.231 billion of the coronavirus emergency supplemental appropriations package goes to state and local governments and communities.

First Manhattan Co. bought municipal securities from an unaffiliated dealer without making a reasonable effort to obtain fair and reasonable prices, FINRA said.

The short end in particular was rebounding after Fed announced it would include variable rate demand obligations and short-term paper to its balance sheets.

Public finance advocates said the Senate bill has been broadened to authorize the Federal Reserve to purchase all types of bonds that are sold on the secondary market.

The short-term funding for airports and transit agencies in stimulus bills won’t be a substitute for the stability of long term financing.

President Donald Trump said he called Federal Reserve Chairman Jerome Powell on Monday to thank him for his efforts to fight an economic slowdown from the coronavirus outbreak.

New York MTA and 10 other transit systems have cited the crippling effects of ridership drops due to COVID-19.