March 23, 2020 / 12:09 PM / 18 days ago

RPT-U.S. Fed amounts aggressive new steps to combat coronavirus hit to economy

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March 23 (Reuters) - The U.S. Federal Reserve, citing “tremendous hardship” caused by the coronavirus pandemic, on Monday said it would begin backstopping an unprecedented range of credit for households, small businesses and major employers.

The Fed said in a statement the effort was taken because “it has become clear that our economy will face severe disruptions.” (Reporting by Howard Schneider; editing by Dan Burns)

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