As the economy improves, the FOMC looks at winding down its Covid-related support—and eventually raising interest rates.

The Federal Reserve chair said the U.S. central bank will wait until the economy has "all but fully recovered" to pull back the monetary support it rolled out in response to Covid-19.

Banks' preparations for the transition are coming under intense scrutiny from the Federal Reserve.

Most services have been restored, but Fed systems that process tens of millions of transactions each day were down for about four hours yesterday.

"The pace of the recovery in economic activity and employment has moderated in recent months, with weakness concentrated in the sectors most adversely affected by the pandemic," the FOMC said.

Initial targets for direct buying include AT&T, UnitedHealth, and Walmart.

As U.S. braces for virus fallout to get worse, the Commercial Paper Funding Facility and Primary Dealer Credit Facility are designed to support corporate liquidity.

Federal Reserve Chairman Jerome Powell signaled that the central bank would pull out the stops to combat a global disinflationary downdraft, foreshadowing…