Meet Fed’s Nine New Offspring, Each With Different Market Role

The Federal Reserve has blasted past its traditional boundaries to keep the U.S. economy afloat against the coronavirus pandemic, even though some of the actions may have undesirable consequences in the longer term.

The central bank announced nine special lending facilities in rapid succession over the past month, producing what is tantamount to a giant bridge loan for a nation where revenues shrunk, employees stayed home and markets cracked under a stampede of sellers.

Never in Fed history has it done so much, so fast. But of the nine programs, so far four are fully operational -- as the central ...