The Federal Reserve expanded its repo market operations today (March 12) for the second time this week, as it and the US government attempted to minimise the effects of the coronavirus outbreak.

Banks will now have access to $175 billion in funding overnight until April 13, the Federal Reserve Bank of New York announced – up from $150 billion from March 9, and $100 billion since mid-February.

The Fed also announced three new one-month term repo operations, with up to $50 billion of funding