[20200622]IN11429_资本市场、2019冠状病毒疾病和联邦政府应急设施.pdf

CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i Capital Markets, COVID-19, and Federal Government Emergency Facilities June 22, 2020 The spread of COVID-19 induced heavy capital markets selloffs and rebounds in 2020. The crisis-induced stress conditions have been broadly felt in all corners of capital marketsstocks, bonds, investment funds, and other segments have all experienced heightened volatility. In response, the Federal Reserve (Fed), sometimes with support from the Treasury Department, has established several emergency facilities to provide support for key capital markets segments (Table 1). As of the publication of this Insight, some markets affected by the announced emergency support appear to have rebounded to a certain extent. Figure 1 illustrates market conditions at the time of selected Fed announcements. The changes in market activities do not suggest direct causal relationships with Fed announcements. Changes in the course of the pandemic, other economic factors, and other government responses, such as the Coronavirus Aid, Relief, and Economic Security Act (P.L. 116-136), likely also had significant effects. Capital markets conditions a