Agreement on the $2+ Trillion CARES Act; Not Nearly Enough for State and Local Governments

  • There have been a total of 64,563 coronavirus cases reported in the U.S., 908 deaths, and 393 recoveries to date

  • Congress agreed on $2+ trillion of CARES Act relief, but it is not nearly enough for what state and local governments and other municipal entities are currently and likely to be facing in coming weeks and months

  • We summarize the municipal specific, housing related and general economic elements of the 2020 CARES Act below

  • Market commentary: the tone in municipals is continuing to improve

  • AAA MMD yields are lower again, this time by 65 basis points across the board

  • SIFMA reset at a 4.71% today, compared to 5.20% last week.

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