The Federal Reserve says it's going to do whatever it can to support the U.S. economy amid the coronavirus pandemic.
The Fed announced it will buy unlimited bonds, create three new credit facilities — including the Term Asset-Backed Securities Loan Facility used during the 2008 financial crisis — and establish a Main Street lending program to help small and medium-sized businesses. The Fed said the programs will provide up to $300 billion in new financing.
The aggressive measures go well beyond what the Fed did in 2008.
In a statement, the central bank said: "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."
U.S. stocks fell Monday despite the Fed's announcement. The Dow closed down 3%, or 582 points. The S&P 500 closed down 2.9%, and the Nasdaq Composite fell by 0.27%.
Last weekend, the Fed cut interest rates to near zero in an attempt to boost the economy.
Contains footage from CNN.
