Why It’s a New, ‘Unlimited’ World for Central Banks

It’s a concept that would have been hard to imagine being adopted in the history of central banking, at least before last week: unlimited bond-buying. Now the U.S. Federal Reserve, the European Central Bank and some of their counterparts are pledging to make a seemingly infinite ocean of money available to economies reeling from the coronavirus pandemic. In the process, they’re expanding their traditional role as lenders of last resort to the financial system, promising support not only to lende