FAST FIVE: Watch Live: Powell & Mnuchin Explain To Congress How They Saved The 'Economy'
Watch Live: Powell & Mnuchin Explain To Congress How They Saved The 'Economy' Tyler Durden Tue, 06/30/2020 – 12:20 The Treasury Secretary and Fed chair will discuss their approach to rescuing the economy at a House Financial Services Committee hearing on Tuesday.
This facility lends against top-rated securities backed by auto loans, credit card loans, other consumer and business loans, commercial mortgage-backed securities, and other assets.
Final terms and operational details on the PMCCF were announced on June 29, and it stands ready to purchase newly issued corporate bonds and syndicated loans, serving as a backstop for businesses seeking to refinance their existing credit or obtain new funding.
The SMCCF launched with ETF purchases on May 12.
Following the announcement of the two corporate credit facilities in late March, conditions in the corporate bond market improved significantly.