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Federal Reserve Chairman Jerome Powell said the U.S. economy faces a deep downturn with “significant uncertainty” about the timing and strength of a recovery.

The Federal Reserve said June 15 that it will begin buying individual corporate bonds under its Secondary Market Corporate Credit Facility, an emergency lending program that to date has purchased only exchange-traded funds.

The Federal Reserve pledged to maintain at least the current pace of asset purchases and projected interest rates will remain near zero through 2022, as Chairman Jerome Powell committed the central bank to using all its tools to help the economy recover from the coronavirus.

Federal Reserve Chair Jerome Powell warned May 13 of the threat of a prolonged recession resulting from the viral outbreak and urged Congress and the White House to act further to prevent long-lasting economic damage.

U.S. stock futures tumbled, wiping out half of the furious last-hour rally March 13 and tripping exchange trading curbs, as investors worried that emergency measures by the Federal Reserve will fall short of cushioning the coronavirus’ blows to the economy.

WASHINGTON — The Federal Reserve will sharply increase its purchases of short-term U.S. Treasury bonds to try to ease anxiety and disruptions in the financial markets over the coronavirus outbreak.

The U.S. Federal Reserve delivered an emergency half-percentage point interest rate cut March 3 in a bid to protect the longest-ever economic expansion from the spreading coronavirus.

The U.S. economy kept growing at a modest clip as 2019 drew to a close, while a deterioration in manufacturing employment belied overall tight job market conditions across the country, a Federal Reserve survey showed.

WASHINGTON — The Federal Reserve’s policymaking committee saw much less risk of recession at its meeting in December, when it kept interest rates steady after three straight cuts and signaled that it expected to keep low rates unchanged through this year.