The Federal Reserve Bank of the United States has launched its aircraft to provide 'helicopter money' dropping from the skies, a favorite euphemism of former Fed Chairman Ben Bernanke.

The new program will add another $2.3 trillion in liquidity to American credit markets, basically backstopping the entire U.S. economy.

"Our country's highest priority must be to address this public health crisis, providing care for the ill and limiting the further spread of the virus," said Chair Jerome Powell.

"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."

Among the various initiatives are:

• The Main Street Lending Program will “ensure credit flows to small and mid-sized businesses with the purchase of up to $600 billion in loans." This means that the Paycheck Protection Program will likely be expanded by an additional $250BN to reach a total of $600BN.
• Expanding the size and scope of the Primary and Secondary Market Corporate Credit Facilities and the Term Asset-Backed Securities Loan Facility to support as much as $850 billion in credit
• A Municipal Liquidity Facility which will offer as much as $500 billion in lending to states and municipalities, by directly purchasing that amount of short-term notes from states as well as large counties and cities
• Starting the Paycheck Protection Program Liquidity Facility, “supplying liquidity to participating financial institutions through term financing backed by PPP loans to small businesses”

You can read more in-depth on the program here at Zero Hedge.

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