Federal Reserve cuts interest rates to near zero to support US economy amid coronavirus pandemic impact
Warning of "severe disruptions" to the economy caused by the coronavirus pandemic, the Federal Reserve on Monday rolled out another series of facilities to provide financing for companies in distress.
In addition, the Fed said it will soon unveil a program to lend directly to small and medium sized companies -- those that have been hardest hit by the near complete shutdown of the US economy as authorities fight to contain the spread of the virus.
"Aggressive efforts must be taken across the public and private sectors to limit the losses to jobs and incomes and to promote a swift recovery once the disruptions abate," the Fed said in a statement.
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