Fed Vow Boosts Debt Binge as Borrowers Cut Thousands of Jobs
- Corporate lending facilities lack PPP’s employment incentives
- ‘It’s all about creating a context’ for jobs, Powell says
Photographer: Andrew Harrer/Bloomberg
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Soon after the Federal Reserve’s March 23 assurance that it would make borrowing easier for American corporations, Sysco Corp. sold $4 billion of debt.
Not long after that, the food-service giant announced plans to cut one-third of its workforce, more than 20,000 employees. Dividends to shareholders would continue, executives said.