Timed with the release of the weekly jobless claims report, showing for the second consecutive week that a record 6.6 million Americans filed jobless claims, the Federal Reserve announced a host of actions meant to backstop the economy and provide $2.3 trillion of loans.
The Fed announced details on two programs expected, the expansion of lending to other facilities, and one new program – the purchase of municipal bonds, for the first time in Fed history.
Read on for details of the announcement along with reaction from Fed Chairman Jerome Powell and industry representatives.