The Fed's actions — along with other lending programs, significant cash injections into funding markets and zero percent interest rates — make up the most extreme intervention in the economy by the central bank in its history of more than 100 years.

The Fed is launching three emergency lending facilities, including two that will buy corporate debt. The third is a revival of an emergency program the central bank created during the 2008 financial crisis that will lend to banks against collateral that includes bundled student loans, auto loans, credit card loans and small-business loans.

These facilities are designed to support $300 billion in new credit, and the Treasury Department will kick in $30 billion to help offset losses.

The Fed also said it will soon start a program designed “to support lending to eligible small and medium-sized businesses, complementing efforts” by the Small Business Administration.

“The Federal Reserve is committed to using its full range of tools to support households, businesses, and the U.S. economy overall in this challenging time,” the central bank’s rate-setting committee said in a statement. “The coronavirus pandemic is causing tremendous hardship across the United States and around the world.”

“Our nation’s first priority is to care for those afflicted and to limit the further spread of the virus,” it added. “While great uncertainty remains, it has become clear that our economy will face severe disruptions. Aggressive efforts must be taken across the public and private sectors to limit the losses to jobs and incomes and to promote a swift recovery once the disruptions abate.”