Federal Reserve policy tracker

1 March26 June
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$3.13tn
Total balance sheet size$4.16tn$7.13tn
Asset purchases
US Treasuries$80bn of short-dated bills per month ($20bn for reinvestment, $60bn for reserve management)$4.2tn as of 24/06. Pace at least $80bn/month as of 10/06 FOMC meeting.
(Agency) mortgage-backed securitiesExisting holdings roll off; $20bn of MBS holdings reinvested into Treasuries, remaining small share reinvested into MBS (average $5bn)$1.94tn in holdings as of 24/06. Pace at least $40bn/month as of 10/06 FOMC meeting.
Municipal debtN/A$16.1bn in assets as of 24/06, of which $14.9bn is the Treasury’s contribution to the LLC. Only $1.2bn in facility asset purchases.
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$12.8bn in holdings as of 24/06.
Primary Dealer Credit Facility – overnight loan facility for primary dealers against eligible collateral. Priced at primary credit rateLast active between 2008 and 2010$3.6bn in lending as of 24/06.
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$22.9bn in lending as of 24/06.
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$40.6bn in holdings as of 24/06, of which $31.9bn is the Treasury’s contribution. 10/06 FOMC announced that ETF purchases would give way to individual bond purchases tracking an index.
Term Asset-Backed Loan Facility – facility to meet the credit needs of consumers and small businesses. Pricing depends on collateral.Active 2008-2010, lending up to $70bn to support ABS marketHoldings of $8.5bn, all of which is Treasury capitalisation. First TALF subscription 17/06, first loan closing date 25/06.
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/ALending at $62.6bn as of 24/06.
Central bank swap linesStanding swap arrangements with Bank of Canada, BoE, ECB, BoJ, and the SNB. One-week maturity operations offered at OIS+50bpsDown to $275bn as of 24/06.
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$1m in use as of 24/06
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$70.2bn outstanding with domestic counterparties as of 24/06. Regular operations.
Reverse repurchase operationsStanding reverse repurchase facility; take-up $220bn$220.4bn outstanding as of 17/06, of which all but $1m with foreign counterparties

Relevant links:

Term sheets of lending facilities

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