The $25 billion Bank Term Funding Program was necessary to prevent a much larger crisis that would spread through the financial channel to the real economy and almost certainly tip the economy into recession. … READ MORE >
Treasury Department
Rising interest payments, deficits and the debt ceiling crisis
The mounting stand-off over raising the federal government’s debt ceiling has put a renewed focus on the rising cost of financing the nation’s debt. … READ MORE >
The pandemic response: Assessing the Main Street Lending Program
The Main Street Lending Program was the Federal Reserve’s most direct intervention in the bank loan market since in the 1930s and 1940s … READ MORE >
The pandemic response: Assessing the Paycheck Protection Program
The American economy was facing an abyss in March 2020, but because of forceful action by the fiscal and monetary authorities, it rebounded faster than expected. … READ MORE >
Comment: Treasury Department moves to end select pandemic-era lending programs
The Treasury Department told the Federal Reserve on Thursday that it would not extend nine of the 13 liquidity and lending programs aimed at easing the effects of the pandemic. … READ MORE >