Washington

In a weekly COVID-19 disclosure report released Tuesday, included among the hundreds of disclosures were two unscheduled draws on debt service reserves.

Federal grants for the 10 transit systems with the highest ridership will cover their funding shortfalls an average of 5.4 to 8.3 months, according to a new estimate.

The Federal Open Market Committee meeting that began Tuesday will be unique because rates remain at the zero lower bound and the Fed has taken many actions to ensure smooth markets since the economic shutdown to contain the coronavirus.

Charles Doraine settled with the Financial Industry Regulatory Authority on Monday without admitting or denying FINRA’s findings.

Groups representing dealer firms and issuers both weighed in positively Monday evening after the Fed’s afternoon decision that it will expand its Municipal Liquidity Facility in both scope and duration.

The Federal Reserve expanded the scope and duration of the Municipal Liquidity Facility, a $500 billion emergency lending program aimed at providing short-term credit to state and local governments as they endure the economic fallout from the coronavirus pandemic.

The Fed’s new program, however, will not be enough to negate the serious financial consequences that are likely to befall some local governments as they begin to feel the full effects of shutting down the economy. Both the Fed and Congress need to do more.

When April data becomes available in about a month, it is expected to beging showing the full force of the shutdown of nationwide economic activity.

MSRB Chief Market Structure Officer John Bagley will join the Federal Reserve Bank of New York for eight months to lend his municipal market knowledge toward the Fed’s new Municipal Liquidity Facility.

The Center on Budget and Policy Priorities said bankruptcy "could significantly raise states' cost of issuing bonds to pay for major transportation projects and other investments that boost the economy."