from Zero Hedge
It was supposed to be announced late on Sunday (recall “Fed Expected To Announce CP Bailout Facility Within Hours Or Risk Money Market Panic“), but instead Powell hoped that the bazooka of QE/ZIRP/FX swaps would be sufficient to ease the funding panic. It wasn’t, and instead, with a 2-day delay which forced countless companies facing a funding shortage to scramble for liquidity and draw down on their revolver facilities, moments ago the Fed announced that, just as we reported earlier, it will establish a Commercial Paper Funding Facility (CPFF) – the same facility that was unveiled during the last financial crisis – “to support the flow of credit to households and businesses.”