The Federal Reserve announced Monday an unlimited expansion of bond purchasing programs to backstop the credit markets, as millions of American households and businesses are getting crushed by the economic shutdown due to the spreading coronavirus.

Fed announces unlimited bond purchases in unprecedented move to help U.S. economy weather coronavirus meltdown

By Washington Post Staff

March 23, 2020

The U.S. central bank announced it would go beyond its prior commitment of $700 billion in bond purchases to buy “the amounts needed” to keep markets functioning and the economy stable. It also announced significant new programs to keep credit flowing to businesses and consumers, including loans for students, auto buyers and small businesses.