New York Fed Actions Related to COVID-19

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.

Desk Statements
For statements announcing changes to the operating policies for conducting open market operations, visit Statements and Operating Policies.

13(3) Facilities Counterparties and Agents
Effective July 23, 2020, the New York Fed is looking to expand its counterparties and agents, as applicable, for the Commercial Paper Funding Facility (CPFF), the Secondary Market Corporate Credit Facility (SMCCF) and the Term Asset-Backed Securities Loan Facility (TALF).
Press release | FAQs | Expression of Interest

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.

Special Facilities
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.

Special Programs
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.

Research & Analysis

MBS Market Dysfunctions in the Time of COVID-19 (July 17, 2020)

Federal Reserve Agency CMBS Purchases (July 16, 2020)

The Weekly Economic Index (WEI) provides an informative signal of the state of the U.S. economy based on high-frequency data reported daily or weekly.

A New Reserves Regime? COVID-19 and the Federal Reserve Balance Sheet (July 7, 2020)

Municipal Debt Markets and the COVID-19 Pandemic (June 29, 2020)

Finally, Some Signs of Improvement in the Regional Economy (June 16, 2020)

Outflows from Bank-Loan Funds during COVID-19 (June 16, 2020)

Distribution of COVID-19 Incidence by Geography, Race, and Income (June 15, 2020)

How Fed Swap Lines Supported the U.S. Corporate Credit Market amid COVID-19 Strains (June 12, 2020)

Treasury Market Liquidity and the Federal Reserve during the COVID-19 Pandemic (May 29, 2020)

The Investment Cost of the U.S.-China Trade War (May 28, 2020)

Job Training Mismatch and the COVID-19 Recovery: A Cautionary Note from the Great Recession (May 27, 2020)

The Primary and Secondary Market Corporate Credit Facilities (May 26, 2020)

Have the Fed Swap Lines Reduced Dollar Funding Strains during the COVID-19 Outbreak? (May 22, 2020)

What Do Financial Conditions Tell Us about Risks to GDP Growth? (May 21, 2020)

The Paycheck Protection Program Liquidity Facility (PPPLF) (May 20, 2020)

The Primary Dealer Credit Facility (May 19, 2020)

Modeling the Global Effects of the COVID-19 Sudden Stop in Capital Flows (May 18, 2020)

Business Leaders Survey (May 2020)

Supplemental Survey Report: Businesses Report Widespread Layoffs and Furloughs but Most Seen as Temporary (May 2020)

Empire State Manufacturing Survey (May 2020)

The Commercial Paper Funding Facility (May 15, 2020)

Putting the Current Oil Price Collapse into Historical Perspective (May 14, 2020)

Inflation Expectations in Times of COVID-19 (May 13, 2020)

How Did China’s COVID-19 Shutdown Affect U.S. Supply Chains? (May 12, 2020)

Does the BCG Vaccine Protect Against Coronavirus? Applying an Economist’s Toolkit to a Medical Question (May 11, 2020)

The Money Market Mutual Fund Liquidity Facility (May 8, 2020)

Amid the COVID-19 Outbreak, Consumers Temper Spending Outlook (May 7, 2020)

Translating Weekly Jobless Claims into Monthly Net Job Losses (May 7, 2020)

Where Have the Paycheck Protection Loans Gone So Far? (May 6, 2020)

U.S. Consumer Debt Payments and Credit Buffers on the Eve of COVID-19 (May 5, 2020)

W(h)ither U.S. Crude Oil Production? (May 4, 2020)

LSE Blog: Treasury Market Liquidity during the COVID-19 Crisis (Apr 17, 2020)

LSE Blog: New York Fed Surveys: Business Activity in the Region Sees Historic Plunge in April (Apr 16, 2020)

LSE Blog: How Widespread Is the Impact of the COVID-19 Outbreak on Consumer Expectations? (Apr 16, 2020)

Supplemental Survey Report: Business Report Extensive Fallout from Coronavirus (Apr 2020)

LSE Blog: The COVID-19 Pandemic and the Fed’s Response (Apr 15, 2020)

LSE Blog: Helping State and Local Governments Stay Liquid (Apr 10, 2020)

LSE Blog: The Coronavirus Shock Looks More Like a Natural Disaster than a Cyclical Downturn (Apr 10, 2020)

LSE Blog: Coronavirus Outbreak Sends Consumer Expectations Plummeting (Apr 6, 2020)

LSE Blog: How the Fed Managed the Treasury Yield Curve in the 1940s (Apr 6, 2020)

LSE Blog: Monitoring Real Activity in Real Time: The Weekly Economic Index (Mar 30, 2020)

LSE Blog: Businesses in the Tri-State Region Struggling to Weather the Coronavirus Outbreak (Mar 30, 2020)

LSE Blog: Fight the Pandemic, Save the Economy: Lessons from the 1918 Flu (Mar 27, 2020)

Supplemental Survey Report: Service Firms See Particularly Widespread Fallout from Coronavirus

Community Resources

See Resources on Coronavirus Disease 2019 (COVID-19).

Federal Reserve Resources

See the Federal Reserve Board's resources related to the Coronavirus Disease 2019.

Federal Reserve Board outlines the extensive and timely public information it will make available regarding its programs to support the flow of credit to households and businesses and thereby foster economic recovery

Paycheck Protection Program Liquidity Facility (PPPLF)

Reports to Congress Pursuant to Section 13(3) of the Federal Reserve Act in response to COVID-19

Factors Affecting Reserve Balances - H.4.1

New York Fed Integrity Hotline

The New York Fed established a hotline for reports of fraud, waste, abuse, misrepresentations, illegal activity or unethical behavior associated with credit facilities established by the Federal Reserve to support the economy and promote the stability of the financial system in response to the COVID-19 pandemic.

To make a report online | By phone: 877-52-FRBNY (877-523-7269)

Video: The Federal Reserve Chairman Jerome Powell’s NBC interview on Coronavirus Crisis, Economic Troubles and Future Forecast
Webinar on Small Business
Navigating COVID-19: Survival Tactics for Small Business, featuring Randal Quarles, Vice Chair for Supervision of the Federal Reserve Board.

Video: The Term Asset-Backed Securities Loan Facility, Explained
Video: Central Bank Swap Arrangements, Explained
Video: The Primary Dealer Credit Facility, Explained
Video: The Commercial Paper Funding Facility, Explained