National Bank will buy unlimited government-backed loans.
The Federal Reserve announced on Monday that it would be taking even more drastic measures to shore up the U.S. economy amid the growing COVID-19 pandemic. The Fed stated that they would be buying as much government-backed debt as it deems necessary and would also begin buying corporate debt for the first time. This effort is to ensure that Americans are able to continue to receive the loans they need.
In a statement, the Fed said, “The coronavirus pandemic is causing tremendous hardship across the United States and around the world. 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.”
As the Lord Leads, Pray with Us…
- For the Federal Reserve to be able to stabilize the U.S. economy.
- For Fed Chairman Powell to be given wisdom on how best to set recovery measures.
- That the federal government would be able stop the spread of the pandemic quickly.
Sources: AP, FederalReserve.gov
