The Federal Reserve formally opened Monday its $500 billion lending program to support issuance of new debt by large corporations, the last of nine emergency programs it is running to backstop lending markets reeling from the coronavirus pandemic. The Fed began purchasing earlier this month individual bonds of large companies that were highly rated as of March 22, but it hadn’t yet said when it would initiate a companion effort to purchase newly issued securities by those companies.

Source: Wall Street Journal June 29, 2020 17:33 UTC