Policy tracker Fed

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.


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.


Relevant links:

Term sheets of lending facilities

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