- The Fed's two new facilities to keep credit flowing to larger companies will limit stock repurchases and other dividend payments for firms that elect to defer interest and principal loan payments.
- via Bloomberg.
- The central bank launched Primary Market Corporate Credit Facility and Secondary Market Corporate Credit Facility as part of its unprecedented action to keep credit markets functioning as the economic impact of Covid-19 roils markets.
- There's no timetable yet for a proposed Main Street Credit facility, but the Fed is working on it hard, officials told reporter in a conference call.
- Passage of proposed Congressional legislation would allow the facility to be more robust, it said.