Federal Reserve Chairman Jerome Powell holds a news conference following a closed two-day Federal Open Market Committee meeting in Washington, September 18, 2019.

Sarah Silbiger | Reuters

The Federal Reserve thus far has unleashed what’s frequently been called a bazooka in its efforts to calm markets. Its next step could be to go nuclear.

Should conditions on Wall Street deteriorate significantly, the central bank could go where it’s never gone before, into the equity market where it would take a passive interest in the performance of stocks, according to market analysts and economists.

The Fed already has unloaded an unprecedented level of ammunition against the tumult brought on by the coronavirus, so doing more would take it even

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