In the central bank's latest effort to keep credit markets flowing, the Fed announced a Primary Dealer Credit Facility, which will provide up to 90 days.
The offerings will begin Friday and the program will be in place for at least six months, the Fed said in a late-day news release.
"The global coronavirus outbreak has contributed to significant financial market volatility," Treasury Secretary Steven Mnuchin said in a statement. "The establishment of a PDCF will help address illiquidity, mitigate disruptions in funding markets, support smooth market functioning and help facilitate the availability of credit to American workers and businesses."
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