On the one hand it is always very difficult for Fed action to trickle down to main street- particularly here when Main Street is shuttered. I do assume that if the Fed ends up owning a substantial portion of the stock and corporate bond markets* they will own it forever- like Govt's and MBS** they could never unload them.
I've never fully been able to wrap my head around whether that matters- if they create money out of thin air to buy stuff, what is the ultimate impact?
The larger problem is really on the fiscal side. But this is like the last time a Republican Admin was playing Captain Hazeltine and drove the Exxon Valdez onto the rocks- things happen fast and it is almost impossible to roll out wise policy quickly enough. And there rally aren't a lot of legal pathways open- Congress and the President could open some but they'd have to have some wisdom and agree, so don't hold your breath.
Even if People Who Matter get bailed out, tens of millions of Americans are going to set back for a decade or more. I doubt there are enough luxury goods out there to offset the general drag on consumption.
That will probably be seen in the demand for higher cost food items such as meats and milk. Other than providing immediate assistance to produce and specialty producers who need it now, the most urgent farm program might be a sharp temporary expansion of SNAP.
*a problem in that they're mostly buying investment grade- credit spreads are widening and the immediate problems will most all come in the junk category.
** they did unload a fair bit of the mortgage backs, Treasuries not so much.
