To help support investment-grade corporate bond market liquidity, the Federal Reserve (Fed) introduced two facilities in late March:

  • Primary Market Corporate Credit Facility (PMCCF)
  • Secondary Market Corporate Credit Facility (SMCCF)
With these steps, the Fed seeks to unfreeze financial markets and narrow bond spreads. Its bond buying will include both short-term debt (through the commercial paper facility) and long-term debt.


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