In a second, more radical step, Powell announced the establishment of two facilities to support credit to large employers. The Fed was no longer just backstopping lending by others. It would offer to provide the credit itself. The Primary Market Corporate Credit Facility (PMCCF) was intended to buy debt or loans directly from corporations. The Secondary Market Corporate Credit Facility (SMCCF) would buy corporate debt off the books of other investors, including the sort of exchange-traded funds that specialize in high-risk, high-yield debt. The volume proposed for the two facilities was $750
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