WASHINGTON — The Federal Reserve says it will buy short-term loans from banks and companies to support the flow of credit as the economy grinds to a halt amid the viral outbreak.
The Fed is reviving a program that it first used during the 2008 financial crisis to unclog a short-term lending market for what is known as “commercial paper.”
Large businesses issue commercial paper to raise cash to meet payrolls and cover other short-term costs.
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