Washington

Some market professionals were quick to say that the step would not be sufficient to soften the blows hammering the wider muni market.

The SEC answered questions regarding COVID-19 disclosure in a webinar Thursday and said there would not be relief for issuers' late annual financial filings.

The central bank said its program to support money market mutual funds will also serve as a backstop for state and local governments.

A Senate bill to be introduced Friday would allow the Federal Reserve to purchase municipal debt, in an effort to ease the economic strain of the coronavirus pandemic on state and local governments.

Lipper reported a whopping $12.2 billion of outflows from municipal bond funds. Out of that huge number, $5.3 billion were from high-yield funds. The $12 billion figure of outflows in one week equates to about 3% of annual municipal volume.

Federal Reserve Bank of Boston Eric Rosengren offered an upbeat assessment in the face of the darkening economic crisis, saying the U.S. can withstand the short-term damage caused by the coronavirus pandemic.

A coalition of healthcare industry organizations is asking for $100 billion in direct federal help, warning that the survival of some hospitals is at stake.

A memo circulated Wednesday by House Financial Service Committee Chairwoman Maxine Waters, D-Calif., suggests that the next wave of federal legislation authorize the Fed to support state, territory, and local debt issuance in response to the coronavirus outbreak.

As the Federal Reserve continues trying to keep markets liquid as the stock market sinks, economic data are showing the effects of COVID-19.

BDA told Fed Chair Jerome Powell that two existing programs could help the muni market overcome the impact of the virus.