Covid Supercharges Federal Reserve as Backup Lender to the World

When the coronavirus introduced the globe overall economy to a halt in March, it fell to the U.S. Federal Reserve to maintain the wheels of finance turning for companies across America.

And when resources stopped flowing to quite a few banking institutions and firms outdoors America’s borders—from Japanese creditors generating bets on U.S. company debt to Singapore traders needing U.S. pounds to spend for imports—the U.S. central lender stepped in yet again.

The…