The Fed stepping in

The announcement comes after Congress Sunday night failed to reach agreement on a massive stimulus package that would offer direct support to consumers and small businesses, as well as set aside funds to bail out larger companies. The stock market had looked poised to plunge when it opened Monday in reaction to the gridlock in Washington, but futures pared their losses after the central bank’s move.

  Politico

I don't suppose that will make Trump stop shitting on fed chair Powell, though.

The Federal Reserve on Monday announced aggressive new emergency measures to support the economy and ensure that credit flows to households and businesses as the country faces the prospect of a deep downturn from the coronavirus pandemic.

The central bank is committing to buy as many U.S. government bonds and mortgage-backed securities as needed “to support smooth market functioning.”

[...]

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

[...]

“Our nation’s first priority is to care for those afflicted and to limit the further spread of the virus,” it added.

Important people first, of course.

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 more than 100-year history.