New York (CNN Business) The Federal Reserve is signaling it will do whatever it takes to save the coronavirus-ravaged American economy from a depression. The Fed is going all out to prevent the health crisis from turning into a full-blown financial crisis. Crucially, the Fed pledged to buy bonds "in the amounts needed" to support markets, signaling there are no bounds to its rescue effort. And the Fed is invoking emergency powers to set up a special entity that will buy corporate bonds. That promise echoed Mario Draghi's vow last decade to do "whatever it takes" to prevent the collapse of the eurozone.

Source: CNN March 23, 2020 12:50 UTC