March 17, 2020 / 10:16 PM / 4 months ago

Fed extends loan offer to primary dealers in further credit easing

WASHINGTON (Reuters) - The U.S. Federal Reserve moved again late on Tuesday to broaden the flow of credit in response to the coronavirus epidemic, saying it would offer short-term loans to the two dozen Wall Street primary dealers who are important conduits for the sale of a broad range of bonds and other financial assets.

The Fed said beginning March 20 it would offer 90-day loans at the same “discount window” rate paid by banks under the Primary Dealer Credit Facility, an action it said would “support smooth market functioning and facilitate the availability of credit to businesses and households.”

Reporting by Howard Schneider; Editing by Chris Reese

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