The Fed will start corporate bond buying through the secondary market corporate credit facility, one of several emergency facilities to shore up liquidity.
With many scientists citing fears of a fresh virus wave global markets began the week on a glum note as some countries ease coronavirus restrictions while others consider tightening back up.
Fears of a second wave of the coronavirus raising the prospect that renewed outbreaks could weigh on the recovery of economies have frightened markets.
Following the trend of all major economies, the UK economy shrank by a quarter in the March-April period as entire sectors remained inactive by the coronavirus lockdown.
Storm clouds gathered over the U.S. economy as hopes for swift recovery from the coronavirus pandemic have now been dashed after the FED meeting.