The Federal Reserve capped off an unprecedented week of action Friday by extending a lifeline to cash-strapped state and local governments that are about to borrow large sums as they deal with skyrocketing costs from coronavirus safety measures.
There has been a large selloff in municipal debt in recent days, driving up the borrowing costs for many states and localities that need to pay their bills.
This is the ninth major action by the Fed this week to try to stabilize financial markets, prevent the downturn from worsening and keep credit flowing to companies and households....