The US Federal Reserve (Fed) announced new, extensive measures to support the US economy.
Over the past two weeks, tax-exempt Municipal bonds (Munis) have endured significant price weakness, with yields spiking more than 200 basis points (2%) across many parts of the AAA Muni curve.
Markets continue to be under pressure. Unknowns remain about the magnitude and duration of the coronavirus, including the extent of the human tragedy, as well as the economic impact.
There is broad-based selling in capital markets as coronavirus-related headlines linger.
Markets are dealing with a trifecta of issues: continued coronavirus (COVID-19) concerns, a collapse in oil prices and flaring tensions with North Korea.