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Fed buys EUR 282 million of ETFs at launch of historic program

The US central bank is intervening due to the corona crisis.

Photo: OLIVIER DOULIERY/AFP / AFP

The Federal Reserve bought EUR 282 million (USD 305 million) of exchange-traded funds on the first day of its historic intervention into U.S. corporate debt markets, according to data published Thursday.

The figures were revealed in the central bank’s weekly balance sheet update, which also showed that total assets rose to a new record of EUR 6.4 trillion (USD 6.93 trillion) in the week through May 13. The ETF purchases, which began on Tuesday, are part of the latest emergency lending program the Fed has rolled out to help cushion the impact of the coronavirus pandemic on the U.S. economy and financial markets.

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