ANNOUNCEMENT 10 Jul 2020In July 2020, the Federal Reserve purchased Metropolitan Life Global Funding I corporate bonds as part of the Secondary Market Corporate Credit Facility (SMCCF) scheme.
NUMBER OF INTERVENTIONS
The Federal Reserve, Monetary Policy Tools, "Secondary Market Corporate Credit Facility".
The Federal Reserve Bank of New York, "Secondary Market Corporate Credit Facility".
The SMCCF is considered as a special purpose vehicle (SPV), whose aim is to support market liquidity by purchasing U.S. eligible assets. The scheme was launched in March 2020 with a total of USD 25 billion.
Notably, the program was launched as part of the economic response to the COVID-19 pandemic.