The US Federal Reserve on Tuesday unveiled a new credit facility to help households and business stay afloat as the coronavirus pandemic threatens to undermine the world's largest economy.
The program, authorised by the US Treasury, is aimed at commercial paper, which finances things like auto loans and home mortgages, a market that "has been under considerable strain in recent days as businesses and households face greater uncertainty in light of the coronavirus outbreak."
"By ensuring the smooth functioning of this market, particularly in times of strain, the Federal Reserve is providing credit that will support families, businesses, and jobs across the economy," the Fed said in a statement.
(Published 17 March 2020, 15:13 IST)
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