20.5 million jobs vanished during the month
The program will also provide three-year loans, up from the two-year loans the Fed previously announced
Chairman Jerome Powell isn't expected to announce major new initiatives Wednesday
Economists forecast the unemployment rate for April could hit 20%
Another 5.2 million Americans sought unemployment benefits last week
The deterioration of sales outpaced the decline that took place during the depths of the Great Recession
The program will let central banks sell Treasurys to the Fed with an agreement to buy them back the next day
Jobless claims hit 3.3 million last week
The central bank says it will establish three new lending facilities as well
Services continued to be the main driver of price gains