In response to the COVID-19 crisis, the Bank of England (BoE) has expanded its existing Asset Purchase Facility (APF) from GBP 445 billion to GBP 745 billion (USD 950 billion).  Continue reading “Bank of England Rapidly Expands Asset Purchase Facility”

On July 23, the Federal Reserve expanded eligible counterparties and agents in three emergency lending facilities: the Term Asset-Backed Securities Loan Facility (TALF), the Commercial Paper Funding Facility (CPFF), and the Secondary Market Corporate Credit Facility (SMCCF). This move is aimed at increasing the Fed’s operational capacity and reach into the targeted markets. Continue reading “The Federal Reserve expands eligible counterparties and agents in three emergency facilities”

On July 17, the Federal Reserve expanded eligibility for the Main Street Lending Program (MSLP) to include nonprofit organizations such as educational institutions, hospitals, and social service organizations. The Fed will purchase 95% participations in loans to nonprofits under terms that are similar to terms it previously announced for for-profit companies, with additional criteria tailored to non-profit organizations. Continue reading “Fed Expands Main Street Lending Program to Include Nonprofits”

Below we report on operational Fed programs, based on the Fed’s weekly H.4.1 release. Since last week, the Main Street Lending Program has started operations. As of Wednesday, the program holds $12 million in purchased assets. The BoJ and ECB further decreased their use of the swap lines.  Continue reading “Use of Federal Reserve Programs - 07/16/2020”