Thread by @brettmaverick_

For those trying to keep track of what our good friends at the Fed, ECB, and BOJ have been up to, I've compiled a small list:

3/12/2020

(1)The NY Fed offered to make trillions of dollars available to backstop the repo market.

(2) The ECB relaxed capital and liquidity regulations for its banking institutions and announced that additional net asset purchases of €120 billion will be added to the already existing asset purchase programs.

3/13/2020

(3) The Bank of Japan (BOJ) conducted unscheduled outright purchase of Japanese government bonds (JGBs).The BOJ announced it will continue to conduct additional outright purchases of JGBs as needed, taking into account evolving market conditions.

3/15/2020

(4) The Federal Reserve Open Market Committee lowered the target rate for the federal funds rate to 0 to 0.25% citing weak business fixed investment, weak exports, stress in the energy sector, and the effects of the coronavirus on economic activity.

(5) The Fed expanded its balance sheet by buying $500 billion of UST and $200 billion of mortgage backed securities(MBS) in order to “support the smooth functioning of markets for Treasury securities and MBS that are central to the flow of credit to households and businesses”.

(6) The Fed reduced its reserve requirement ratios to 0% for depository institutions effective March 26th.

(7) The Bank of Canada, the Bank of England, BOJ, the ECB, the Federal Reserve, and the Swiss National Bank announced a coordinated action to enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements created during the 2008 financial crisis.

3/16/2020

(8) The BOJ announced it will provide financial markets with more yen via purchases of JGBs, accept corp bonds as collateral for yen loans, increase its existing purchases for commercial paper and corporate bonds, and actively buy Japanese ETFs and Japanese REITs.

3/17/2020
(9) The Fed established the Commercial Paper Funding Facility (CPFF) to backstop the functioning of the CP market.

(10) The Fed established a Primary Dealer Credit Facility, or PDCF. Credit extended to primary dealers under this facility can be collateralized by a broad range of investment grade debt, including commercial paper and municipal bonds, and a broad range of equity securities.

3/18/2020

(11) The Fed established the Money Market Mutual Fund Liquidity Facility, or MMLF. The Boston Fed will make loans available to eligible financial institutions secured by high-quality assets purchased by the financial institution from money market mutual funds.

(12) The Fed expanded U.S. dollar liquidity arrangements with the CBs of: Australia, Brazil, Denmark, South Korea, Mexico, Norway, New Zealand, Singapore, & Sweden. These new facilities will support the provision of up to $60 billion for each Central Bank added.

(13) The ECB created a €750 billion Pandemic Emergency Purchase Programme. Asset purchases will be conducted until the end of 2020 & include all the categories eligible under the existing asset purchase program which include corp bonds, govt bonds, & asset backed securities.

3/20/2020

(14)The Fed established the Money Market Mutual Fund Liquidity Facility, or MMLF. The Boston Fed will to make loans available to eligible institutions secured by certain assets purchased from single state and other tax-exempt municipal money market mutual funds.

3/23/2020

(15) The FOMC will purchase Treasuries and agency MBS in the amounts needed to support financial market functioning. In addition, the FOMC will include purchases of agency commercial mortgage-backed securities in its agency mortgage-backed security purchases.

(16) The Fed established two facilities to support credit to large employers – the Primary Market Corporate Credit Facility (PMCCF) for new bond and loan issuance and the Secondary Market Corporate Credit Facility (SMCCF) to provide liquidity for outstanding corporate bonds.

(17) The Fed established a third facility, the Term Asset-Backed Securities Loan Facility (TALF). TALF will enable the issuance of asset-backed securities (ABS) backed by student loans, auto loans, credit card loans, & loans guaranteed by the Small Business Administration (SBA).

(18) The Fed expanded the Money Market Mutual Fund Liquidity Facility (MMLF) to include a wider range of securities, including municipal variable rate demand notes (VRDNs) and bank certificates of deposit.

(19) Expanded the Commercial Paper Funding Facility (CPFF) to include high-quality, tax-exempt commercial paper as eligible securities.

other than those 19 actions by the three most important central banks in the world, everything is pretty normal