The Federal Reserve is signaling it will do whatever it takes to save the coronavirus-ravaged American economy from a depression.
The US central bank massively accelerated its rescue plans Monday by announcing unlimited bond-buying, three new credit facilities and an upcoming Main Street lending program.Taken together, the Fed said the new programs will provide up to $300 billion in new financing to an economy getting crushed by the crippling health restrictions aimed at fighting the pandemic. The Fed is going all out to prevent the health crisis from turning into a full-blown financial crisis.
Recession fears and a liquidity crunch have crashed the stock market over the past month and caused parts of the bond market to malfunction. The Fed said it will support American households and businesses, but it acknowledged"our economy will face severe disruptions.""The coronavirus pandemic is causing tremendous hardship across the United States and around the world," the Fed said in a statement.
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