U.S. Federal Reserve to begin asset-buying program soon
U.N. Secretary-General Antonio Guterres on Wednesday said he will begin an asset-balancing program that will be part of the Federal Reserve’s strategy to try to support the financial markets and improve the resilience of economies and societies.
Guterres told a news conference in New York City that the Federal Open Market Committee will begin to raise money through its asset-backed securities program.
The central bank will be required to buy up to $85 billion of these securities, Guterre said.
He did not give a timeline for when the asset-buybacks will begin.
Gutierrez said the U.C.L.A. and Harvard-affiliated universities will be involved in the program.
The U.K. is also looking into its own asset-bailing strategy.
The World Economic Forum has estimated that about one in four people in the U., U.L., UAW and others around the world will be affected by the global financial crisis, a rise in interest rates and higher unemployment.GUTERRES: The United States has a lot of economic power in the world.
We have a lot to contribute.
We are not alone.
And the world needs to act.
We must help each other and act in unison.
(AP)Guterre’s remarks came a day after he met with a group of U.s. officials to discuss global economic recovery and recovery plans.
He also spoke to President Donald Trump and Vice President Mike Pence.
Gutsers meeting came just days after the president said he would be willing to “do whatever is necessary” to help U. states recover from the global economic crisis.
Trump said on Friday that he believes the United States will be the biggest economy in the entire world in the coming year.
The president has made it clear that he will not accept “any excuse not to be there.”