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Global markets continue free fall as US Fed rolls out THIRD emergency program in 2 days & ECB announces €750bn ‘pandemic QE’
The Federal Reserve has introduced yet another emergency measure to ease the economic impact of the global coronavirus epidemic, injecting liquidity into money markets and mutual funds to meet growing demand for cash.
The Fed announced the new Money Market Mutual Fund Liquidity Facility (MMLF) late on Wednesday night, creating a program similar to a one rolled out during the 2008 financial meltdown. Managed through the Fed’s branch in Boston, the facility will help banks keep up with investors pulling their funds out of money markets.
The European Central Bank (ECB), meanwhile, said it would buy up 750 billion euros ($820 billion) in bonds throughout 2020, injecting new money into Europe’s struggling economy in a bout of ‘pandemic quantitative easing’ – a move the bank hopes will stave off a coronavirus-induced recession.
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