Federal Reserve launches aggressive plan to buy government-backed debt

Central bank announced programs aimed at supporting large and small businesses reeling from coronavirus

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The US Federal Reserve has launched an aggressive plan to buy as much government-backed debt as it needs to keep financial markets functioning as plans for a $1.8tn-plus bailout of business and consumers stalled in Congress.

The central bank announced a series of programs on Monday aimed at supporting large and small businesses already reeling from the economic blow of coronavirus.

Related: Federal Reserve launches 'unlimited QE' to protect US economy from Covid-19 disruption - business live