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May 19, 2020

The Primary Dealer Credit Facility

Antoine Martin and Susan McLaughlin

The Primary Dealer Credit Facility

On March 17, 2020, the Federal Reserve announced that it would re-establish the Primary Dealer Credit Facility (PDCF) to allow primary dealers to support smooth market functioning and facilitate the availability of credit to businesses and households. The PDCF started offering overnight and term funding with maturities of up to ninety days on March 20. It will be in place for at least six months and may be extended as conditions warrant. In this post, we provide an overview of the PDCF and its usage to date.

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Posted at 7:00 am in Bank Capital, Banks, Central Bank, COVID-19 Facilities, Credit, Federal Reserve, Liquidity, Monetary Policy, Pandemic, Systemic Risk | Permalink

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Liberty Street Economics features insight and analysis from New York Fed economists working at the intersection of research and policy. Launched in 2011, the blog takes its name from the Bank’s headquarters at 33 Liberty Street in Manhattan’s Financial District.

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