House Speaker Pelosi Wants More for State and Local Governments in Potential Fourth Phase

  • There have been a total of 80,854 coronavirus cases reported in the U.S., 1,163 deaths, and 1,864 recoveries to date;

  • House Speaker Nancy Pelosi wants more funds for state and local governments in the potential fourth phase of federal government relief;

  • The U.S. Senate unanimously approved of the $2+ trillion CARES Act relief package, the U.S. House is expected to vote Friday, and the U.S. Treasury Secretary says individuals should receive their relief check within three weeks

  • Market commentary: the mood in municipals is still recovering despite record; weekly initial jobless claims of 3.3 million;

  • Lipper reported a fourth consecutive weeks of flows out of municipal funds, setting a new record at $13.678 billion;

  • AAA MMD yields are lower again, 50-60 basis points across the curve; and

  • VRDO market seems to be settling down; SIFMA reset at a 4.71% today, compared to 5.20% last week.

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