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