The Federal Reserv announced a new and stronger response against the coronavirus, that includes open-ended asset purchases, to support the flow of credit to households and businesses.

"The Federal Reserve will continue to purchase Treasury securities and agency mortgage-backed securities in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions," the central bank said.

Essentially, the Fed now stands ready to expand its bond purchases as required. The central bank's balance sheet hit a record $4.7 trillion last week.