With rates already low, central bankers have looked to fiscal policy to stimulate the economy.
More research will be necessary before the Fed issues a digital currency of its own.
Fed officials are more worried about the economy running out of steam than overheating.
A spike in coronavirus cases heightens the probability that the Fed will expand its bond buying.
The central bank said it would follow a diversified market index of U.S. corporate bonds.
As expected, the Fed said it will keep rates low and continue quantitative easing in the near term.
While the Fed has yet to buy a single bond, its pledge threw a lifeline to the market.
“The recovery may take some time to gather momentum," the Fed chairman said.
The perception of Fed backing helps risky firms borrow anew and emboldens investors to make risky bets.
The money comes on top of the massive stimulus that the Fed had already announced.
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