dChan - Q Origins Project Archive

WASHINGTON (AP) — In its boldest effort to protect the U.S. economy from the coronavirus, the Federal Reserve says it will buy as much government debt as it deems necessary and will also begin lending to small and large businesses and local governments to help them weather the crisis.

The Fed’s announcement Monday removes any dollar limits from its plans to support the flow of credit through an economy that has been ravaged by the viral outbreak. The central bank’s all-out effort has now gone beyond even the extraordinary drive it made to rescue the economy from the 2008 financial crisis.

“The coronavirus pandemic is causing tremendous hardship across the United States and around the world,” the Fed said in a statement. “Our nation’s first priority is to care for those afflicted and to limit the further spread of the virus. While great uncertainty remains, it has become clear that our economy will face severe disruptions. 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.”

Markets reversed sharply after the announcement. Dow Jones futures swung more than 1,000 points from about 500 down to a rise of roughly 500. The yield on the 10-year Treasury bond also fell, a sign that more investors are willing to purchase the securities.

The Fed also said it will set up three new lending facilities that will provide up to $300 billion by purchasing corporate bonds, buying a wider range of municipal bonds, and purchasing asset-backed securities.

It also says it will buy an unlimited amount of Treasury bonds and mortgage-backed securities in an effort hold down interest rates and ensure those markets function smoothly.

The Fed last week had said it would buy $500 billion of Treasuries and $200 billion of mortgage-backed securities, then quickly ran through roughly half those amounts by the end of the week. On Monday, the New York Federal Reserve said it would purchase $75 billion of Treasuries and $50 billion of mortgage-backed securities each day this week.

That is a much larger amount than the Fed deployed in the financial crisis and its aftermath. In 2012 the Fed launched its third round of asset purchases, known as quantitative easing, which consisted of $45 billion of Treasury purchases a month.

Anonymous ID: eed3a2 March 23, 2020, 6:10 a.m. No.8530331 🗄️.is 🔗kun >>0449 >>0533

https://campusreform.org/?ID=14563

Professors across the country are taking to social media to express their concern over being forced to deliver their course lectures online amid the coronavirus outbreak, sharing with each other tips on how to limit the number of people who are able to see what they're teaching students, and criticizing "right wing sites" and even Campus Reform, specifically.

Texas Christian University Associate Professor of Political Science Emily Farris tweeted Thursday, "if you are recording a lecture on anything controversial, be prepared for right wing sites to ask students to share it." Campus Reform reached out to Farris via Twitter Direct Messaging to allow her the opportunity to further explain her comments or to clarify. She later blocked the author of this article on Twitter.