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Fed takes major action to support markets as coronavirus weighs on economy

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The Federal Reserve on Monday took a slew of new actions designed to support the financial markets, including purchasing an unlimited amount of Treasurys and mortgage-backed securities.

The latest move by the U.S. central bank includes buying assets “in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy." RELATED: CoronavirusNOW.com, FOX launches national hub for COVID-19 news and updates The Fed also said it will purchase agency commercial mortgage-backed securities as part of an expansion of its asset purchases, known as "quantitative easing." The move represents an essentially open-ended commitment to the QE program.

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