The central bank said it would follow a diversified market index of U.S. corporate bonds.
As the U.S. tries to lift its economy, a looming round of government spending cuts threatens to drag it back in.
Consumers drive 70% of U.S. gross domestic product and they’ve been dealt multiple blows.
Policy decisions will mean the difference between an energetic bounce-back and a recession that is long-lasting, economists say.
The money comes on top of the massive stimulus that the Fed had already announced.
His remarks came soon after the Fed rolled out new emergency lending programs.
The Fed said late Wednesday it was launching a program to support money market mutual funds amid the coronavirus alarm.
In his prepared remarks, Powell provided a mostly positive picture of the U.S. economy.
Most Fed officials have signaled they are in no rush to raise or lower their benchmark rate any time soon.
Powell is again sounding confident that the economy and monetary policy are in a good place.
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