Federal Reserve policy tracker
| 1 March 2020 | 11 January 2021 | |
| Interest rates & key figures | ||
| Federal Funds target rate | 1.5-1.75% | 0-0.25% |
| Interest on excess reserves | 1.6% | 0.1% |
| Discount window rate | 2.25% | 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 securities | Existing 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 debt | N/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+110bp | Made $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 rate | Last active between 2008 and 2010 | $0.49bn in holdings as of 6/1.
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| 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 rate | N/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 35bp | N/A | $49.75bn in lending as of 6/1. |
| Central bank swap lines – standing swap arrangements with other central banks. | N/A | Up 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 operations | Term 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 operations | Standing reverse repurchase facility; take-up $220bn | $206.33bn as of 6/1, of which all except $4m is with foreign official accounts.
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Relevant links:
Term sheets of lending facilities