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The Commercial Paper Funding Facility

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Abstract

In mid-March, the Federal Reserve announced a slew of credit and liquidity facilities aimed at supporting credit provision to U.S. households and businesses. Among the initiatives is the Commercial Paper Funding Facility (CPFF) which aims to support market functioning and provide a liquidity backstop for the commercial paper market. The domestic commercial paper market provides a venue for short-term financing for companies which employ more than 6 million Americans. Securities in the commercial paper market represent a key asset class for money market mutual funds. This post documents the dislocations in the commercial paper market that motivated the creation of this facility, and tracks the subsequent improvement in market conditions.

Suggested Citation

  • Nina Boyarchenko & Richard K. Crump & Anna Kovner, 2020. "The Commercial Paper Funding Facility," Liberty Street Economics 20200515, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:87976
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    Keywords

    commercial paper; Commercial Paper Funding Facility (CPFF); COVID-19;
    All these keywords.

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers

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