“This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic,” the Fed said in a statement.
Through its ‘Main Street’ lending facility, the Fed is buying $600 billion in loans and expanding its corporate credit programmes and Term Asset Loan Facility (TALF) to support $850 billion in credit.
The Fed will then also be offering up to $500 billion in loans to states and municipalities.
