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  • Federal Reserve to lend additional $1 trillion a day to large banks

    Federal Reserve to lend additional $1 trillion a day to large banks

    The Federal Reserve has moved with unprecedented force and speed to pump huge amounts of cash into the financial system to ease disruptions that have escalated since the viral outbreak. The New York Federal Reserve Bank said it will offer $1 trillion of overnight loans a day through the end of this month to large banks.

    H/T: PBS NewsHour

    “The Fed has just worked with unprecedented speed,” Steven Friedman, a former economist at the New York Fed, told the AP. “I think there will be no hesitation on their part about buying as many Treasuries and mortgage-backed securities as necessary.”

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