NYT: The Federal Reserve announced an emergency lending program to keep credit flowing, saying it will buy up commercial paper, a type of short-term debt.


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Tuesday, March 17, 2020 10:54 AM EST

The Federal Reserve said it would try to keep credit flowing to households and businesses by buying up commercial paper, short-term promissory notes companies use to fund themselves.

At the same time, the Trump administration is preparing to ask for about $850 billion in additional stimulus to support the economy, which is facing a deep downturn as businesses close as the coronavirus spreads.

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