The U.S. Federal Reserve bought $428 million in bonds of individual companies through mid-June, making investments in familiar household names like Walmart and AT&T as well in major oil firms, tobacco giant Philip Morris International Inc, and a utility subsidiary of billionaire Warren Buffett's Berkshire Hathaway holding company.
FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 19, 2019. REUTERS/Leah Millis/File Photo
The transactions disclosed Sunday are the first individual company bond purchases made by the Fed under new programs set up to nurse the economy through the coronavirus pandemic. The Fed also added $5.3 billion in 16 corporate bond exchange traded funds, including a newly added sixth high yield fund.
Those bought so far are spread broadly across the U.S. economy — with more than a third coming from consumer companies like PepsiCo Inc and Coca-Cola Co. The largest investments were in AT&T and the United Health Group, with Fed purchases of around $15 million in bonds each from those two issuers.
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