On March 23, the Federal Reserve announced various new measures to support the economy during the Covid-19 crisis. The actions include: 

• Purchasing Treasury securities and commercial and agency mortgage-backed securities to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy.
• Establishing a new program that will provide up to $300 billion in new financing to support the flow of credit to employers, consumers, and businesses. The Treasury Department will provide $30 billion in equity to these facilities by using the Exchange Stabilization Fund (ESF).
• Establishing two facilities to support credit to large employers: (i) the Primary Market Corporate Credit Facility (PMCCF) for new bond and loan issuance; and (ii) the Secondary Market Corporate Credit Facility (SMCCF) to provide liquidity for outstanding corporate bonds.
• Establishing a third facility, the Term Asset-Backed Securities Loan Facility (TALF), to support the flow of credit to consumers and businesses. The TALF will enable the issuance of asset-backed securities (ABS) backed by student loans, auto loans, credit card loans, loans guaranteed by the Small Business Administration (SBA), and certain other assets.
• Facilitating the flow of credit to municipalities by expanding the Money Market Mutual Fund Liquidity Facility (MMLF) to include a wider range of securities, including municipal variable rate demand notes (VRDNs) and bank certificates of deposit. 
• Facilitating the flow of credit to municipalities by expanding the Commercial Paper Funding Facility (CPFF) to include high-quality, tax-exempt commercial paper as eligible securities. In addition, the pricing of the facility has been reduced.