The New York Fed, as part of the Federal Reserve System, is working to support the flow of credit to households and businesses and the overall U.S. economy during this challenging time. It is doing so by implementing monetary policy as directed by the Federal Open Market Committee (FOMC), administering a number of Federal Reserve facilities that provide liquidity to a range of markets, developing critical research and analysis, and supporting communities in the Second District.
In everything we are doing on behalf of the System and the American economy, we are committed to meeting high standards of transparency to ensure public awareness and understanding of our actions; governance to ensure our actions are executed responsibly and effectively; and, ultimately, accountability to the American people and our oversight bodies.
For statements announcing changes to the operating policies for conducting open market operations, visit Statements and Operating Policies
Agency Commercial Mortgage-Backed Securities
Effective March 23, 2020, the FOMC directed the Open Market Trading Desk at the New York Fed to purchase agency commercial MBS on behalf of the System Open Market Account. The Desk will purchase in the open market agency CMBS secured primarily by multifamily home mortgages that are guaranteed fully as to principal and interest by Fannie Mae, Freddie Mac, and Ginnie Mae and that the Desk has determined are suitable for purchase. Learn more.
Central Bank Swap Lines
These facilities are designed to help lessen strains in global U.S. dollar funding markets, mitigating the effects of these strains on the supply of credit to households and businesses, both domestically and abroad.Learn more.
Commercial Paper Funding Facility (CPFF)
The Commercial Paper Funding Facility
was established to enhance the liquidity of the commercial paper market by increasing the availability of term commercial paper funding to issuers and by providing greater assurance to both issuers and investors that firms and municipalities will be able to roll over their maturing commercial paper. Learn more.
Municipal Liquidity Facility (MLF)
The Municipal Liquidity Facility
was established to help state and local governments better manage the cash flow pressures they are facing as a result of the increase in state and local government expenditures related to the COVID-19 pandemic and the delay and decrease of certain tax and other revenues. Learn more.
Primary Dealer Credit Facility (PDCF)
The Primary Dealer Credit Facility
was established to support the credit needs of U.S. householders and businesses by allowing primary dealers to support smooth market functioning and facilitate the availability of credit to businesses and households. Learn more.
Primary Market Corporate Credit Facility (PMCCF)
The Primary Market Corporate Credit Facility
was established to help large employers access credit by providing bridge financing of four years to investment grade companies so that they are better able to maintain business operations and capacity. Learn more.
Secondary Market Corporate Credit Facility (SMCCF)
The Secondary Market Corporate Credit Facility
was established to purchase corporate bonds issued by investment grade U.S. companies and U.S.-listed exchange-traded funds in the secondary market, thereby providing liquidity for outstanding corporate bonds. Learn more.
Repurchase Agreement Facility for Foreign and International Monetary Authorities (FIMA Repo Facility)
The FIMA Repo Facility
was established to help maintain the flow of credit to U.S. households and businesses by reducing risks to U.S. financial markets caused by financial stresses abroad. Learn more
Term Asset-Backed Securities Loan Facility (TALF)
The Term Asset-Backed Securities Loan Facility
was established to support the flow of credit to consumers and businesses. The TALF will enable the issuance of asset-backed securities (ABS) backed by student loans, auto loans, credit card loans, loans guaranteed by the Small Business Administration (SBA), and certain other assets. Learn more
Main Street Lending Program
The Main Street Lending Program
is designed to help credit flow to medium-sized and small businesses that were in good financial condition, but now need loans to help until they have recovered from, or adapted to, the impacts of the pandemic. Loans originated under the program have several features that will help businesses facing challenges. The program offers 4-year loans, with floating rates, and principal and interest payments deferred during the first year to assist businesses facing temporary cash flow interruptions. Learn more.