US Fed launches US$2.3t financing to support economy | Money


US President Donald Trump is flanked by Small Business Administration (SBA) Administrator Jovita Carranza and Treasury Secretary Steven Mnuchin as he departs the Roosevelt Room following a ‘small business relief update’ video conference call event with banking executives to discuss the US government’s rescue program for businesses hurt by the coronavirus pandemic, at the White House in Washington, US, April 7, 2020. — Reuters pic
US President Donald Trump is flanked by Small Business Administration (SBA) Administrator Jovita Carranza and Treasury Secretary Steven Mnuchin as he departs the Roosevelt Room following a ‘small business relief update’ video conference call event with banking executives to discuss the US government’s rescue program for businesses hurt by the coronavirus pandemic, at the White House in Washington, US, April 7, 2020. — Reuters pic

WASHINGTON, April 9 — The Federal Reserve today announced another series of financing facilities to provide US$2.3 trillion to support the US economy amid the coronavirus pandemic.

The programs aim to help businesses, households and state and local governments facing a cash crunch as large parts of the economy have been shut down.

“The Fed’s role is to provide as much relief and stability as we can during this period of constrained economic activity, and our actions today will help ensure that the eventual recovery is as vigorous as possible,” Federal Reserve Chair Jerome Powell said in a statement. — AFP



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