The Federal Reserve said it would pump trillions of dollars into the financial system in a dramatic response to signs of stress in short-term funding and US Treasury markets.
The US central bank is also making changes to its programme of Treasury purchases “to address highly unusual disruptions in Treasury financing markets associated with the coronavirus outbreak”.
For the third time in four days, the Fed’s New York arm announced on Thursday that it will increase the size of its lending in the repo market, where investors borrow cash in exchange for high-quality collateral like Treasuries — this time by multiples of the amounts previously on offer.
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