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New York Fed Announces the Start of Secondary Market Corporate Credit Facility ETF Sales on June 7
The Federal Reserve Bank of New York today announced that the Secondary Market Corporate Credit Facility (SMCCF) will begin gradual sales of its holdings of corporate bond exchange-traded funds (ETFs) on June 7, consistent with plans announced by the Board of Governors to begin winding down the SMCCF portfolio. The New York Fed also released a new set of Frequently Asked Questions regarding the sale of these assets. Sales will be gradual and orderly, and will aim to minimize the potential for any adverse impact on market functioning by taking into account daily liquidity and trading conditions for ETFs and corporate ... (full story)