US: NY Fed announces another $500 billion in cash injections to boost liquidity

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.