A Timeline of the Fed’s Response to COVID-19

A timeline of Fed actions in response to the Coronavirus crisis between January and June 2020, and their impact on the stock market.

Jan 21: First confirmed COVID-19 Case in the U.S.

Jan 28-29: First Fed policy meeting of year ends with an outlook of steady growth.

Feb 28: Stock market losses accelerate, risk premiums on corporate bonds widen, US Treasury market hit by deep illiquidty.

March 2: Fed holds emergency meeting online and decides to cut interest rates by 50 basis points.

March 15: After another emergency conference, the Fed slashes rates by another 100 basis points to near zero, reintroduces guidance, and restarts large-scale asset purchases, among other measures.

March 16-31: Fed launches a range of measures to increase liquidity in financial markets and promises unlimited, open-ended large scale asset purchases.

April 9: The Fed rolls out $2.3 trillion lending efforts to bolster local governments and small-mid size businesses.

May 4: Fed confirms PMCCF and CMCCF programs to enter operation in early May.

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