The U.S. Federal Reserve said on Monday it would backstop an unprecedented range...
NEW YORK - The U.S. Federal Reserve said on Monday it would backstop an unprecedented range of credit for households, small businesses and major employers in an attempt to stop the economy from sliding into depression as the coronavirus spreads.
The Fed is creating new programs for the nearly 5,200 FDIC- insured U.S. banks, as well as finance companies and corporations to stave off business bankruptcies and keep employee paychecks flowing. They include lending against student loans, credit card loans and U.S. government backed-loans to small businesses, as well as new programs to buy bonds of larger employers and make loans to them.
“It’s their bazooka moment,” said Russell Price, chief economist at Ameriprise Financial Services in Troy, Michigan.
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