Policy tracker Fed

Federal Reserve policy tracker

 1 March 202011 January 2021
Interest rates & key figures
Federal Funds target rate1.5-1.75%0-0.25%
Interest on excess reserves1.6%0.1%
Discount window rate2.25%0.25%
Level of reserve balances$1.64tn$3.16tn
Total balance sheet size$4.16tn$7.38tn
Asset purchases
US Treasuries$80bn of short-dated bills per month ($20bn for reinvestment, $60bn for reserve management)$4.7tn as of 6/1. Pace of $80bn/month.
(Agency) mortgage-backed securitiesExisting holdings roll off; $20bn of MBS holdings reinvested into Treasuries, remaining small share reinvested into MBS (average $5bn)$2.04tn as of 6/1. Pace of $40bn/month.
Municipal debtN/A$11.68bn in assets as of 6/1, of which only $6.28 is in facility asset purchases. $5.4bn in Treasury contribution.
Policy lending facilities – term sheets here
Commercial Paper Funding Facility – SPV designed to ensure CP market liquidity. Priced at OIS+110bpMade $738bn in purchases between 2008 and 2010; closed down 2010$8.56bn in holdings, all of which is Treasury contribution, as of 6/1.
Primary Dealer Credit Facility – overnight loan facility for primary dealers against eligible collateral. Priced at primary credit rateLast active between 2008 and 2010$0.49bn in holdings as of 6/1.


Money Market Mutual Fund Liquidity Facility – lending to a range of eligible borrowers, taking as collateral assets purchased by the borrowers from MMMFs. Priced at primary credit rateN/A; similar to 2008-era Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility$2.5bn as of 6/1.
Corporate Credit Facility – Primary Market facility purchases qualifying IG bonds and lends to eligible issuers. Pricing issuer-specific, plus 100bp fee. Secondary market facility purchases corp. debt on the secondary market at fair value.N/A$26.37bn in holdings as of 6/1. $14.25bn in facility asset purchases, $12.12bn in Treasury contribution
Paycheck Protection Program Liquidity Facility – facility which supports the Small Business Administration’s Paycheck Proteection Program by extending credit to financial institutions that make PPP loans, using the loans as collateral. Priced at 35bpN/A$49.75bn in lending as of 6/1.
Central bank swap lines – standing swap arrangements with other central banks.N/AUp to $16.91bn as of 6/1.
Foreign and International Monetary Authorities (FIMA) Repo Facility – allows international central bank to enter into Treasury repos with the Fed. Priced at OIS+25bp.N/A$1bn as of 6/1.
Temporary open market operations
Repurchase operationsTerm repo operations of $25bn/month; overnight repo operations of $100bn/month. Plan to gradually taper these operations through the Spring$1bn outstanding (all of which is with foreign official accounts).
Reverse repurchase operationsStanding reverse repurchase facility; take-up $220bn$206.33bn as of 6/1, of which all except $4m is with foreign official accounts.


Relevant links:

Term sheets of lending facilities

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