Unconventional monetary policy
Final Fed lending facilities to go live this month
Complexity of main street facility has been “in a class by itself”, Jerome Powell says, as lawmakers criticise delays
Most Fed emergency funds not yet spent, lawmakers find
Less than 8% of the $500bn set aside for Fed and Treasury lending has been spent, report finds
The ECB, the lockdown and the monetary financing lock
The eurozone’s central bank may need to break its prohibition on monetary financing to fight the pandemic
PBoC’s post-pandemic policy is still up in the air
The Chinese central bank has resisted radical easing, but with the NPC meeting this week, more loosening could be on the way, despite debt-level concerns, writes Hui Feng
RBNZ nearly doubles asset purchase programme
Policy-makers aim to front-load stimulus as economy faces “significant and unprecedented decline”
German court leaves Bundesbank caught between two legal decisions
Ruling may hamper ECB’s new PEPP programme as it is not constrained by PSPP limits
Fed will begin ETF purchases today
Central bank outlines fund selection strategy but keeps investors guessing on specifics
Fed could purchase $750 billion of corporate debt in new facilities
Fed clears staff to purchase investment- and non-investment-grade debt and ETFs
Fed expands local government liquidity facility
Programme faced criticism for leaving out regions with heavy Native American and African-American populations
Riksbank unveils details of local bond purchases
Swedish central bank to buy up to Skr5 billion from Kommuninvest i Sverige
Fed’s balance sheet increases by 50% since March
Total assets now just shy of $6.4 trillion, a new record high
Policy-makers making risky ‘one-round bet’ on Covid-19 – El-Erian
Former Pimco chief worried about readiness and ability of policy-makers to tackle a ‘second wave’ of infections
El-Erian on Covid-19 policy risks, ‘zombie’ markets and central bank capture
Former Pimco chief says Fed move into high yield is a step too far, new rules needed on leverage and false liquidity, and narrow window emerges for central banks to shed some of their policy load
Fed unveils $2.3 trillion package for ‘Main Street’
Package launched as 6.6 million more people claim for unemployment insurance
Bank of England to lend directly to government
Central bank agrees temporary expansion of “Ways and Means” facility
ECB takes unprecedented steps to preserve credit provision
Central bank accepts state-guaranteed loans as collateral, reduces haircuts, and raises limit on unsecured bank bonds in collateral pool
Central banks may have to become ‘dealers of last resort’ – BIS economists
EMEs have not overcome “original sin” by deepening local currency bond markets, authors warn
Riksbank expands incentives for lending to small firms
Central bank continues with flurry of crisis-fighting measures
ECB buys Italian bonds well above capital key in March
Central bank bought €11.8 billion in Italian sovereign bonds last month, up from €2.2 billion in February
Should the Fed be next to implement yield curve control?
The Reserve Bank of Australia is now the second G20 central bank trying to control longer-term interest rates. Could the Fed be next?
ECB makes record sovereign bond purchases
Central bank ramped up purchases under the PSPP programme in the week to March 27
Brazilian central bank seeks power to buy government bonds
Governor Campos Neto said the central bank should be able to support markets as its peers are doing
Is credit policy the new normal for the Fed?
Three former senior Fed officials look back on an unprecedented month of policy action
Fed selects BlackRock to manage asset purchases
Fed taps into firm’s experience in corporate debt management in move reminiscent of 2008 crisis