Federal Reserve Moves To Shore Up Financial Markets

The New York Times reports:

The Federal Reserve said it would buy as much government-backed debt as it needs to keep financial markets functioning, and unrolled a series of programs meant to shore up both large and small businesses — a whatever-it-takes effort to cushion the economic blow of the pandemic.

“Aggressive efforts must be taken across the public and private sectors to limit the losses to jobs and incomes and to promote a swift recovery once the disruptions abate,” the central bank said in a statement on Monday, adding that the Fed was “using its full range of authorities to provide powerful support for the flow of credit to American families and businesses.”

Federal Reserve announces extensive new measures to support the economy: https://t.co/k5T0cvNFdm

— Federal Reserve (@federalreserve) March 23, 2020

BREAKING: Fed announces a slew of new programs to help markets, including open-ended asset purchases https://t.co/FRQZngyq26

— CNBC Now (@CNBCnow) March 23, 2020