By Robert Eisenbeis, Ph.D.
As reported previously, the Federal Reserve has embarked upon an evolving series of support and lending programs as part of its emergency response to the COVID-19 pandemic. As Chairman Powell stated in his post-FOMC meeting press conference and in subsequent Congressional testimony, the Fed has responded "forcefully, proactively and aggressively" to the crisis. This is an update to our previous comments on the Fed's responses.
As of last week, the Fed had announced about a dozen asset purchase and swap arrangements with central banks and lending programs. Some have been in