With the status of federal relief uncertain, Illinois may ask lawmakers for approval to borrow as much as $4.5B through the Fed's MLF to deal with a coronavirus pandemic tax hit in fiscal 2021.

Municipal to U.S. Treasury ratios were attractive, especially on the short end, which drove secondary yields lower.

FOMC members see uncertainty and considerable economic risk from the coronavirus.

Moody's warns the current economic turmoil poses more pension-related credit risks for Illinois and many of its local governments than did the Great Recession.

The agency has lost substantial revenue from plummeting ridership and faces rising COVID-19-related expenses.

The mass transit system still holds a strong presence despite three bond rating downgrades amid the coronavirus, Chief Financial Officer Robert Foran said.

The policy case for federal support is strong: in the coronavirus era, the U.S. is looking at an emergency that is the equivalent of 50 states worth of hurricanes, fires and floods, lasting more than two years, with a very slow economic rebound.

Hawaii struggles to close shortfall while crafting reopening plan.