US stock futures are plunging again. Follow live updates:
In recent days, the US Federal Reserve has
to fight the fast-moving economic and financial shock caused by the coronavirus epidemic — cutting interest rates close to zero, ramping up asset purchases and easing capital rules to give banks more flexibility to extend credit to households and businesses.central bank invoked emergency powers to launch a new program that will seek to unfreeze a $1 trillion marketfrom highly rated borrowers.
But like other funding markets, there's been a breakdown in recent days, raising fears that coronavirus-ravaged companies would lose access to credit just as they need it most. That would have a cascading effect, forcing cash-strapped businesses to lay off workers and scrap spending plans. "The commercial paper market has been under considerable strain in recent days as businesses and households face greater uncertainty in light of the coronavirus outbreak," the Fed said in a statement.In a note to clients, Goldman Sachs' chief economist Jan Hatzius called the move a return to the"crisis-era playbook" — and predicted that more emergency measures to keep credit flowing could be on the way.
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