Storied investor Warren Buffett said Saturday that the U.S. central bank was to thank for propping up the economy through the depths of the COVID-19 pandemic.

In Berkshire Hathaway’s annual shareholder meeting held virtually and exclusively live-streamed by Yahoo Finance, Buffett applauded the Federal Reserve and its chairman, Jerome Powell, for specifically supporting U.S. corporate bond markets in the spring of last year.

“The economy went off a cliff in March [2020],” Buffett said. “It was resurrected in an extraordinarily effective way by Federal Reserve actions and, later, on the fiscal front, by Congress.”

Buffett added that the Fed’s actions helped companies brace for impact, as the initial spread of COVID sent companies scrambling to raise funds.

Berkshire Hathaway was among the many companies that turned to debt issuance as the stock market tanked in late February and early March last year, issuing a $500 million 10-year bond on March 4, 2020.

The appetite for corporate debt dried up shortly after that, prompting the Fed weeks later to create several liquidity facilities that would take on commercial paper and medium-term investment grade debt.

By entering the debt market as its own counterparty (through separate vehicles with equity investment from the U.S. Treasury), the central bank hoped to not only backstop markets but give private players the confidence to provide their own liquidity.

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