FED – FED announces plans to begin winding down the portfolio of the Secondary Market Corporate Credit Facility


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June 02, 2021

FED announces plans to begin winding down the portfolio of the Secondary Market Corporate Credit Facility

For release at 4:30 p.m. EDT

The FED on Wednesday announced plans to begin winding down the portfolio of the Secondary Market Corporate Credit Facility (SMCCF), a temporary emergency lending facility that closed on December 31st, 2020. The SMCCF proved vital in restoring market functioning last year, supporting the availability of credit for large employers, & bolstering employment through the COVID-19 pandemic.

SMCCF portfolio sales will be gradual & orderly, & will aim to minimize the potential for any adverse impact on market functioning by taking into account daily liquidity & trading conditions for exchange traded funds & corporate bonds. The Federal Reserve Bank of New York, which manages the operations of the SMCCF, will announce additional details soon & before sales begin.

The SMCCF was established with the approval of the Treasury Secretary & equity provided by the Treasury Department under the CARES Act.

For media inquiries, call 202-452-2955

Last Update:
June 02, 2021

Source: Federal Reserves

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