He does NOT look Happy!
In the coming months, the Fed will purchase at least $700 billion more in bonds as part of its new quantitative easing. The majority of that, at least $500 billion, will be U.S. Treasury bonds. The rest will be mortgage-backed securities.
In a statement, the Fed vowed Sunday to “use its full range of tools” to support the economy and the “smooth functioning of markets.” The Fed’s actions Sunday come on the heels of an emergency interest rate cut on March 3 and a large $1.5 trillion injection into the bond market last week to ensure sufficient liquidity for normal market operations.
The ultra low interest rates are expected to remain until the U.S. economy recovers from the coronavirus downturn. “The [Fed] expects to maintain this target range until it is confident that the economy has weathered recent events,” the central bank wrote in a statement released Sunday evening.