announced Monday. The central bank lifted the cap on its Treasury and mortgage-backed security purchases and will begin buying corporate bonds to aid firms hit by the coronavirus's economic effects. New credit facilities for large employers, consumers, and businesses will further ease cash stresses as the economy slows at unprecedented levels.
"Aggressive efforts must be taken across the public and private sectors to limit the losses to jobs and incomes and to promote a swift recovery once the disruptions abate," the central bank said in aThe Treasury Department will initially invest $10 billion in each of the two facilities, according to term sheets published by the Fed.
BlackRock will coordinate with the central bank's financial markets advisory arm and not its asset-management business, The Journal reported. The money manager stands to face strict scrutiny over its asset purchases as the Fed aims to avoid conflicts of interest.
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