On March 9, fearing a wave of corporate losses and bankruptcies, investors piled into government-backed paper, driving down the yield on 10-year Treasury bonds to just 0.54 percent. On March 15, the Federal Reserve announced that it would begin offering ultracheap emergency loans to banks, reviving the rescue mind-set during the 2008 financial crisis. The same day, it cut a key interest rate to near zero, reducing financing costs for businesses and consumers. Two days later, it resurrected another 2008-era program to provide cheap longer-term loans to big banks and securities dealers.