New York (CNN Business) The New York Federal Reserve is taking out the big guns to calm panicky financial markets. The NY Fed announced plans Thursday to inject vast amounts of money into the financial system , totaling at least $1.5 trillion. The Fed said the dramatic moves will address "highly unusual disruptions" in the Treasury market linked to the coronavirus outbreak. and they did it because financial markets are seizing up," said James Bianco, president of Bianco Research. Not only did US stocks nosedive Thursday, but the ultra-safe government bond market malfunctioned.

Source: CNN March 12, 2020 17:59 UTC