New York Stock Exchange
Boards show stocks with trading halted above the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., March 16, 2020. Image Credit: Reuters

New York: The New York Federal Reserve announced another step Monday to ease growing concerns over financial strain caused by the coronavirus pandemic, injecting an additional $500 billion in liquidity virtually interest-free.

The new offer of overnight funds comes with an interest rate of just 0.1 per cent, and is the latest in a series of debt purchases and cash infusions, including a $1.5 trillion injection last week, to stem the economic fallout and prevent financial markets from seizing up.