WASHINGTON (Reuters) – The U.S. Federal Reserve on Thursday rolled out a broad, $2.3 trillion effort to bolster local governments and small and mid-sized businesses in its latest move to keep the U.S. economy intact as the country battles the coronavirus pandemic.
The Fed said it would work through banks to offer 4-year loans to companies of up to 10,000 employees and directly buy the bonds of states and more populous counties and cities to help them respond to the health crisis.
(Reporting by Howard Schneider; Editing by Alison Williams)
