The Federal Reserve on Sunday unleashed its arsenal to prevent market strains from turning a public-health emergency into a financial crisis, but investors are pushing for the central bank to pull more levers to cushion the economy against a severe downturn.

The Fed slashed its benchmark interest rate to near zero and said it would buy $500 billion in Treasury securities and $200 billion in mortgage bonds over the coming months to address unusual strains in those markets that surfaced last week as the novel coronavirus spread…

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