NY Fed prepares to sell corporate bond portfolio
Holdings of $13.7 billion were bought under emergency SMCCF programme
The Federal Reserve announced on June 2 that it would begin selling a $13.7 billion portfolio of corporate bonds it acquired during the pandemic.
The holding represents a small fraction of the maximum amount the Fed could have purchased through its emergency Secondary Market Corporate Credit Facility, or SMCCF.
The New York Fed operated the SMCCF between May and December 2020. It will also manage the selloff of the bonds.
The SMCCF and its sister facility, which was intended for the primary
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