Yale School of Management

Posts by Market Liquidity

Federal Reserve extends temporary US dollar liquidity swap lines and FIMA repo facility to March 31, 2021

August 4, 2020
On July 29, the Federal Reserve announced the extensions of its temporary U.S. dollar liquidity swap lines and the temporary repurchase agreement facility for foreign and international monetary authorities (FIMA repo facility). Now these facilities are set to expire on March 31, 2021. Continue reading “Federal Reserve extends temporary US dollar liquidity swap lines and FIMA repo facility to March 31, 2021”

The Federal Reserve expands eligible counterparties and agents in three emergency facilities

July 24, 2020
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”

Fed Expands Main Street Lending Program to Include Nonprofits

July 20, 2020
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”

Implications of the German Constitutional Court’s Objection to the ECB’s Public Sector Purchase Program

July 17, 2020
The Bundesbank, the German central bank, will continue to participate in the European Central Bank’s Public Sector Purchase Program (PSPP) after the German finance minister and parliament declared that the Bundesbank’s participation was allowable under EU guidelines.  Continue reading “Implications of the German Constitutional Court’s Objection to the ECB’s Public Sector Purchase Program”