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Fed unveils unlimited QE and aid for businesses and states
By Christopher Condon, Craig Torres, Matthew Boesler, and Michael McKee
Bloomberg News
Monday, March 23, 2020
The Federal Reserve today announced a massive second wave of initiatives to support a shuttered U.S. economy, including buying an unlimited amount of bonds to keep borrowing costs low and setting up programs to ensure credit flows to corporations and state and local governments.
Intervention into the corporate bond market is an unprecedented step for the Fed, though central banks elsewhere in recent years have undertaken similar measures to support liquidity conditions for companies.
... Dispatch continues below ...
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The Fed's new credit facilities carry limits on paying dividends and making stock buybacks for firms that defer interest payments, but have no explicit restrictions preventing beneficiaries from laying off workers. ...
The Fed also said it will support "the flow of credit to employers, consumers and businesses by establishing new programs that, taken together, will provide up to $300 billion in new financing." It will be backed by $30 billion from the Treasury's Exchange Stabilization Fund. ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2020-03-23/fed-signals-unlimited...
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http://www.gata.org/files/GATA-4-wine-bottles.jpg
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http://www.gata.org/files/FayJWineryVarietals.jpg
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