Fed Announces Range of Aggressive Tools to Help Economy Hit By Coronavirus Outbreak
The U.S. Federal Reserve on Monday said it will implement aggressive steps to assist households and businesses amid expectations that the economy will face “severe disruptions” as a result of the coronavirus pandemic.
The tools, which are introduced to maintain credit flow and keep financial markets functioning, include new lending facilities for up to $300 billion in the form of U.S. government-backed loans, loan guarantees and bond purchases.
“The coronavirus pandemic is causing tremendous hardship across the United States and around the world,” the Federal Reserve said in a statement.
The Fed rescue package did not help lift U.S. stock markets on Monday after investors suffered huge losses last week. The Nasdaq (NDAQ) Composite dropped almost 10% in late morning trading.
Six out of ten analysts see the Nasdaq stock as a Buy, making the consensus a Moderate Buy with an average price target of $113.90.
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