Fed announces aggressive measures amid COVID-19 fears

By Tuba Sahin

ANKARA (AA) - The U.S. Federal Reserve on Monday unveiled a set of aggressive measures to limit the economic effect of the global coronavirus pandemic, indicating new quantitative easing measures.

The Fed announced it would purchase required amounts of Treasury and agency mortgage-backed securities to support smooth market functioning and monetary policy.

"While great uncertainty remains, it has become clear that our economy will face severe disruptions," it underlined.

The move, along with previous measures, is expected to provide support to a wide range of markets and institutions, thereby supporting the flow of credit in the economy.

The Federal Reserve added that it would continue to use all tools to support the flow of credit to households and businesses.

The coronavirus, officially known as COVID-19, first emerged in Wuhan, China last December and has spread to at least 167 countries and territories.

There are over 350,500 confirmed cases worldwide, with a death toll surpassing 15,300, while more than 100,180 have recovered, according to data compiled by the U.S.-based Johns Hopkins University.