The coronavirus crisis has escalated sharply in the United States, with stay-at-home orders in a growing number of states, following school closures, event cancellations, restaurant and bar closures, and mandatory work-from-home policies. A recession, likely a severe one, is inevitable. The Federal Reserve has stepped in, saying, “The coronavirus pandemic is causing tremendous hardship across the United States and around the world… While great uncertainty remains, it has become clear that our economy will face severe disruptions… [T]he Federal Reserve is using its full range of authorities to provide powerful support for the flow of credit to American families and businesses.”