The Federal Reserve announced on March 23, 2020 further action in response to the coronavirus crisis: the creation of the Secondary Market Corporate Credit Facility (SMCCF), along with establishment of the Primary Market Corporate Credit Facility (PMCCF) and the Term Asset-Backed Securities Loan Facility (TALF). We discuss the PMCCF and TALF in separate blog posts (link to PMCCF post; link to TALF post). This announcement follows that of the creation of the Money Market Mutual Fund Liquidity Facility (MMLF), the Commercial Paper Funding Facility and the Primary Dealer Credit Facility. All of these facilities are covered in our two-page overview of the Federal Reserve’s actions to date, which includes hyperlinks to the primary materials on the Federal Reserve’s website.
