The Federal Reserve spent $428 million buying debt in individual companies in the first wave of its corporate bond-buying programme, data released Sunday showed.
$6.8 billion worth of corporate debt ETFs were also bought by the Fed, with the central bank pouring $1.8 billion into a single ETF.The Fed bought $428 million worth of corporate bonds in its first foray into company debt as part of its response to the coronavirus, snapping up debt in household names like Coca-Cola, AT&T, and Berkshire Hathaway in the process.
The Fed made the largest purchases in bonds of United Health Group and AT&T, buying more than $16 million in each of the separate bonds. The Fed can also tap $25 billion in funding assistance from the Treasury Department as set aside by the CARES Act. The Fed's program, which was revealed on March 23, was a response to helping the economy remain afloat during the novel coronavirus pandemic and led to investors flocking back to stocks and corporate debt after the announcement.
We need to do everything we can to lobby DonnaShalala PatToomey BharatRamamurti RepFrenchHill of the Oversight Committee. Stop the federalreserve 's taxation without representation through inflation for the benefit of the rich at the expense of poor!
You👏🏾Can’t 👏🏾Accurately 👏🏾Price👏🏾Assets👏🏾In👏🏾This👏🏾Market.
The Fed's Out To Lunch
JunaidAli7420
We don’t choose winners or losers....except when we do.
There you have it...
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