2023-08-09T14:21:33-04:00September 10th, 2021|2- Daily Briefing|

BIS Study: Fed is Also Promiser of First Resort
A new BIS paper finds via analysis of the Fed’s Secondary-Market Corporate Credit Facility (SMCCF) that the Fed’s corporate credit backstops functioned more by dint of the Fed’s promise to safeguard the market than by actual loan purchases or other actions to do so.