Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/247905 
Year of Publication: 
2021
Series/Report no.: 
Staff Report No. 982
Publisher: 
Federal Reserve Bank of New York, New York, NY
Abstract: 
The Federal Reserve reestablished the Commercial Paper Funding Facility (CPFF 2020) in response to the disruptions in the commercial paper market triggered by the COVID-19 pandemic and subsequent economic shutdowns. The CPFF 2020 was designed to support market functioning and provide a liquidity backstop for the commercial paper market. This paper provides an overview of the CPFF 2020, including detailing the facility's design, documenting its usage, and describing its impact on commercial paper markets. In addition, we compare the market conditions and facility design in CPFF 2020 to that of the original CPFF facility.
Subjects: 
Federal Reserve
commercial paper market
CPFF
Federal Reserve lending facilities
JEL: 
G12
G18
G19
Document Type: 
Working Paper

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