The New York Federal Reserve has announced plans to inject at least $1.5 trillion into the financial system to calm panicky markets amid the coronavirus outbreak
The NY Fed announced plans Thursday to inject vast amounts of money into the financial system, totaling at least $1.5 trillion. And the Fed promised to start purchasing a range of Treasuries -- a step that effectively marks a return to the 2008 crisis-era bond buying program known as quantitative easing, or QE.The Fed said the dramatic moves will address"highly unusual disruptions" in the Treasury market linked to the coronavirus outbreak.
"This is a full-blown crisis response operation, intended to make it abundantly clear that the Fed will not allow liquidity to dry up," Ian Shepherdson, chief economist at Pantheon Macroeconomics, wrote in a Thursday note to clients. At the same time, the Fed is trying to ease concerns that banks won't have enough cash to lend to jittery businesses.
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