March 16 Market Activity: HilltopSecurities Lowers Credit Outlooks Due to Unprecedented Steps Taken to Contain COVID-19

News about government responses to help contain the coronavirus (COVID-19) continued Sunday night and through Monday. Most of the activity is originating at the state and local government level, not from the federal government; although President Trump pledged assistance for the airline industry this afternoon. Governors in New York, New Jersey, Connecticut, Maryland, Ohio, Illinois, and Washington, as well as mayors in Minneapolis, New York City, and Chicago are among those who have taken – what just last week were likely considered to be drastic – steps to contain the spread of COVID-19, including shutting down schools, closing down bars, restaurants (take-out allowed in some places), and generally restricting public assembly.

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