Fed announces unlimited bond purchases in unprecedented move aimed at preventing an economic depression

In an effort to prevent the U.S. economy from spiraling into a depression, the Federal Reserve launched an unprecedented effort Monday to keep money flowing to companies, households and cities as this crisis threatens to surpass the Great Recession.

With restaurants, airlines, hotels, auto manufacturers and so many other parts of the economy at a standstill, there’s a massive need for short-term loans to help businesses survive until people can go out again. But just as demand for loans is growing, investors are showing little appetite to buy up all this debt, preferring instead to hold on to cash.