Fed launches program to provide up to $2.3 trillion in loans to businesses, cities and states using money provided by Congress
The Federal Reserve unveiled an array of programs Thursday that it said would provide $2.3 trillion in loans, expanding the Fed’s operations to reach small and midsize businesses and U.S. cities and states.
The Fed also said it would expand previously announced corporate lending programs to include some classes of riskier debt that had been excluded, including allowing firms that until recently had been rated as investment-grade to participate in those facilities.
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