US Fed launches USD 2.3 trillion financing to support economy

The Federal Reserve on Thursday announced another series of financing facilities to provide USD 2.3 trillion to support the US economy amid the coronavirus pandemic.

The programs aim to help businesses, households and state and local governments facing a cash crunch as large parts of the economy have been shut down.

"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," Federal Reserve Chair Jerome Powell said in a statement.