|Economy||Measure Code||Measure||Currency Code||Amount (Local)||Amount (USD)||Source||Post Date||Details|
|United States||01||01 - Liquidity Support||USD||440,137,000,000||440,137,000,000|
|United States||01A||01A - Short-term lending||USD||440,137,000,000||440,137,000,000||Board of Governors of the Federal Reserve System https://www.federalreserve.gov/newsevents/pressreleases/monetary20200427a.htm; FED. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200317b.htm New York Fed https://www.newyorkfed.org/markets/commercial-paper-funding-facility/commercial-paper-funding-facility-terms-and-conditions, https://www.federalreserve.gov/monetarypolicy/mmlf.htm, https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200316a.htm FED https://www.federalreserve.gov/releases/h41/ (all accessed as of 07 September 2020).||
(i) March 12, The Federal Reserve (Fed) expanded reverse repo operations, adding liquidity to the banking system; on February 26 outstanding repos were USD143.44 billion while peak amount outstanding from weekly reporting was USD441.945 billion on March 18, resulting in a peak repo loan amount of 441.945 - 143.44 = USD298.505 billion; since the publication of its July 8 balance sheet, the Federal Reserve's outstanding repurchase agreements have fallen to USD0, which is USD 143.44 billion below the amount outstanding on February 26; (ii) March 17, the Federal Reserve's Commercial Paper Funding Facility (CPFF) will lend to a special purpose vehicle (SPV) that will purchase highly-rated 3-month commercial paper through the New York Federal Reserve's primary dealers; the US Treasury will take the first USD 10 billion in losses as per the CARES Act; since August 19, the Federal Reserve reports CPFF loans outstanding at USD30 million [update]; peak loans outstanding from weekly reporting was USD 4.296 billion on June 10; (iii) March 17, the Federal Reserve established a Primary Dealer Credit Facility (PDCF) to offer overnight and term funding up to 90 days that may be collateralized by a broad range of investment grade debt securities including commerical paper, municipal bonds, and a broad range of equity securities; as of September 2, the PDCF had USD243 million in loans outstanding [update]; peak loans outstanding from weekly reporting was USD 33.409 billion on April 15; (iv) March 23, the Federal Reserve's Money Market Fund Liquidity Facility (MMLF) lends to money market mutual funds (MMMFs) against eligible collateral that includes US Treasury securities, securities issues by fully guaranteed US agencies, by US government sponsored enterprises, and against highly rated asset backed commerical paper, unsecured commercial paper, negotiable certificates of deposit, municipal short-term debt, and so on; as of September 2 the MMLF has USD7.641 billion in loans outstanding [update]; peak loans outstanding for the MMLF were USD 53.171 billion on April 8; (v) as of September 2, loans reported for the Federal Reserve's discount window for Primary and Secondary Credit were USD2.956 billion and USD 0 respectively [update]; peak amounts outstanding from weekly reporting were USD50.768 billion for Primary Credit on March 25 and USD 1 million on June 24 for Secondary Credit (these were USD13 million and 0, respectively, on February 26).
|United States||01B||01B - Support policies for short-term lending||USD||FED. https://www.federalreserve.gov/newsevents/pressreleases/other20200423a.htm, https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200424a.htm (both accessed as of 15 June 2020). https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200505a.htm (accessed 6 May 2020).||
(i) No amount/estimate: March 16, the Federal Reserve encouraged banks to borrow at its discount window, which they are historically reluctant to do; (ii) No amount/estimate: On April 23, the Federal Reserve temporarily suspending uncollateralized intraday credit limits and waived overdraft fees for financial institutions eligible for the Primary Credit program, and created a streamlined procedure for other credit institutions to request collateralized intraday credit; (iii) No amount/estimate: April 24, the Federal Reserve eliminated the six-per-month limit on transfers from savings and money market accounts to demand deposits on an interim basis; since the former have no reserve requirement, this effectively reduces bank reserve requirements to 0; (iv) No amount/estimate: On May 5, the FED regulatory agencies announced an interim final rule that modifies the agencies' Liquidity Coverage Ratio (LCR) rule to support banking organizations' participation in the Federal Reserve's Money Market Mutual Fund Liquidity Facility and the Paycheck Protection Program Liquidity Facility. The interim final rule facilitates participation in these facilities by neutralizing the LCR impact associated with the non-recourse funding provided by these facilities;
|United States||01C||01C - Forex operations||USD|
|United States||02||02 - Credit creation||USD||3,210,057,000,000||3,210,057,000,000|
|United States||02A||02A - Financial sector lending/funding||USD||2,124,557,000,000||2,124,557,000,000||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 16 April 2020); FED. https://www.federalreserve.gov/monetarypolicy/smccf.htm (accessed May 30); FED. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200429a.htm (accessed 29 April 2020); FED. https://www.federalreserve.gov/monetarypolicy/mainstreetlending.htm, https://www.federalreserve.gov/newsevents/pressreleases/monetary20200608a.htm (both accessed 07 September 2020).||
(i) April 8, the Federal Reserve's Paycheck Protection Program Lending Facility (PPPLF) authorizes each of the 12 Federal Reserve Banks to establish and operate the PPPLF, which lends to eligible lenders against loans extended through the Small Business Administration's (SBA) Paycheck Protection Program (PPP) established by the CARES Act; there is no upper limit to the amount of loans the PPPLF can purchase; as of August 19, the PPPLF had USD67.8 billion in loans outstanding according to the Federal Reserve's weekly reporting; the peak figure of USD68.503 billion was reported by the Fed on July 22 [update]; (ii) April 9, the Federal Reserves Secondary Market Credit Facility (SMCCF) will through the New York Federal Reserve lend to a special purpose vehicle (SPV), which will purchase investment-grade (rated as of March 22) corporate bonds in the secondary market; the US Treasury will take the first USD25 billion in losses as per the CARES Act authorization; combined authorized amount for the SMCCF and the PMCCF (in 3A) is USD750 billion; as of August 19, the PMCCF and SMCCF combined have USD12.304 billion in loans outstanding, which is also the peak loan value from the Federal Reserve's weekly reports [update]; (iii) April 9, The Federal Reserve's Main Street New Loan Facility will include the Main Street Expanded Lending Facility (MSELF) and Main Street Priority Loan Facility (MSPLF); it will lend to a special purpose vehicle (SPV) that will purchase 95% of eligible loans to small and medium-sized businesses made by eligible lenders; the SPV receives up to a USD75 billion equity investment from the US Treasury under the CARES Act; total loans authorized for purchase by the Main Street Lending facilities is USD600 billion; June 8, the Federal Reserve's MSPLF and MSELF were expanded to include more small and medium sized businesses--the changes include lowering the minimum size of certain loans from USD500 thousand to USD250 thousand, increasing the maximum size and delaying principal payments for 2 years rather than 1; July 17, the Federal Reserve Board modified the MSLF to provide greater access to credit for nonprofit organizations including educational institutions, hospitals, and social service organizations; as of August 19, the MSLF has USD472 million in loans outstanding, which is also the peak figure for the program [update]; (iv) May 12, the Federal Reserve re-established the Term Asset-Backed Securities Loan Facility (TALF) to help stabilize private issuance of asset-backed securities; the New York Federal Reserve will lend to a special purpose vehicle (SPV) that will then make the loans; the US Treasury under the CARES Act will take the first USD10 billion in losses as per the CARES Act; the TALF SPV will lend to eligible financial institutions and investment funds for up to 3 years against eligible asset-backed securities; the TALF SPV is currently authorized to lend a total of USD 100 billion; as of August 19, the TALF had USD2.266 billion in loans outstanding, which is also the peak figure [update]; (v) as of August 19, the Federal Reserve's mortgage backed securities holdings were USD1,977.897 billion; this is also the peak value since February 26 -- when holdings were USD1,372 billion --for a total increase in USD equal to USD606.054 billion [update]; (vi) July 17, the Federal Reserve Board modified the MSLF to provide greater access to credit for nonprofit organizations including educational institutions, hospitals, and social service organizations.
|United States||02B||02B - Support policies for long-term lending||USD||FED https://www.federalreserve.gov/newsevents/pressreleases/monetary20200303a.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200315a.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200326b.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200401a.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200403a.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200406a.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200414a.htm FED. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200430b.htm (accessed 6 May 2020). https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200515a.htm (accessed 27 May 2020). FED https://www.federalreserve.gov/newsevents/pressreleases/monetary20200610a.htm (accessed 12 June). FED https://www.federalreserve.gov/newsevents/pressreleases/monetary20200610b.htm (accessed 12 June). FED https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200625c.htm (accessed 26 June). FED https://www.federalreserve.gov/newsevents/pressreleases/bcreg20200625b.htm (accessed 26 June). FED https://www.federalreserve.gov/newsevents/pressreleases/monetary20200827a.htm (accessed 2 September)||
(i) No amount/estimate: March 3, the Federal Reserve's Open Market Committee lowered the target range for the federal funds rate by 0.5% to between 1%-1.25%; (ii) No amount/estimate: March 15, the Federal Reserve's Open Market Committee lowered its target range for the federal funds rate by 1% to between 0%-0.25%; (iii) No amount/estimate: March 20, federal financial regulators redefined "eligible retained income" for a banking organization in order to avoid sudden drops in lending to avoid restrictions on dividend distributions in times of stress; instead this interim rule encourages banks to use existing capital buffers while making prudent lending decisions; (iv) No amount/estimate: March 23, federal financial regulators together allowed borrowers at the MMLF to apply a capital risk weight of 0 to assets pledged as collateral to the facility against the loans; (v) No amount/estimate: March 26, the Federal Reserve allowed financial institutions with USD5 billion or less in total assets 30 additional days to submit its regulator financial statements; federal financial institution regulators and state regulators offered similar reporting relief; (vi) No amount/estimate: March 31, the federal financial regulators enable financial institutions to delay for two years an estimate of Measurement of Credit Losses on Financial Instruments' (CECL) effect on regulatory capitalif they adopt CECL by the end of 2020; (vii) No amount/estimate: April 1, the Federal Reserve excluded US Treasury securities and balances in reserve accounts from from the supplementary leverage ratio rule through March 21, 2021; (viii) No amount/estimate: April 3, the federal financial institution regulatory agencies provided regulatory flexibility to enable mortgage servicers to work with struggling borrowers affected by COVID-19; the agencies will provide flexible supervisory and enforcement during the COVID-19 pandemic regarding certain communications to consumers required by the mortgage servicing rules; (ix) No amount/estimate: April 6, the federal bank regulatory agencies temporarily reduced the community bank leverag ratio to 8% from greater than 9%; the ratio will be 8% throughout 2020, 8.5% for 2021, and 9% thereafter; (x) No amount/estimate: April 14, the Federal financial regulators issued an interim final rule to temporarily defer real-estate related appraisals and evaluations for up to 120 days; (xi) No amount/estimate: April 30, The Federal Reserve expanded access to its Paycheck Protection Program Liquidity Facility (PPPLF) to additional lenders, and expanded the collateral that can be pledged; PPPLF loans will receive a risk weighting of 0% for regulatory capital requirements; (xii) May 15. US financial regulators temporarily excluded U.S. Treasury securities and banks' deposits at Federal Reserve Banks from the calculation of banks' supplementary leverage ratio. The supplementary leverage ratio generally includes subsidiaries of bank holding companies with more than USD250 billion in total consolidated assets, and requires them to hold a minimum ratio of 3% of capital against their total leverage exposure. Banks must request approval from their primary federal banking regulators before making capital distributions (such as paying dividends) as long as this exclusion is in effect; (xiii) No amount/estimate: June 10, The Fed's Federal Open Market Committee (FOMC) announced that it expected to maintain its target range for the federal funds rate at 0 to 0.25% "until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals"; the FOMC's accompanying projections showed members projecting the rate would stay within this range through 2022; (xiv) No amount/estimate: June 25, In light of stress test results the Federal Reserve required large banks to suspend share repurchases, cap dividend payments, and re-evaluate longer-term capital plans during the 3rd quarter of 2020; (xv) No amount/estimate: June 25, Federal regulatory agencies responsible for bank regulation issed a final rule that ended the requirement that entities within the same banking organization hold initial margin for uncleared swaps with each other, known as inter-affiliate swaps; (xvi) No amount/estimate: August 3, Federal Financial Institutions Examination Council issued a joint statement providing prudent risk management and consumer protection principles for financial institutions to consider while working with borrowers as loans near the end of initial loan accommodation periods applicable to COVID-19; (xvii) No amount/estimate; August 27, The FOMC announced unanimous approval of updates to its STatement on Longer-Run Goals and Monetary Policy Strategy, whereby the FOMC is willing to allow inflation greater than its 2% target rate, temporarily.
|United States||02C||02C - Loan guarantees||USD||1,085,500,000,000||1,085,500,000,000||Bloomberg. https://www.bloomberg.com/news/articles/2020-03-25/what-s-in-congress-2-trillion-coronavirus-stimulus-package (accessed 16 April 2020). Financial Times. https://www.ft.com/content/304a3b1f-f046-4912-ba33-ef510ad3c0fb (accessed 29 April 2020). US Treasury https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses (accessed 1 May 2020). SBA https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program (accessed June 27); Government Accountability Office https://www.gao.gov/products/GAO-20-625 (accessed June 26). Fed https://www.federalreserve.gov/newsevents/pressreleases/monetary20200728a.htm (accessed 30 July 2020). OCC https://www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-72a.pdf (accessed 7 August 2020)||
(i) April 7, from the CARES Act, Small Business Paycheck Protection Program (PPP) provides USD349 billion in forgivable Small Business Administration loans and guarantees to help small businesses that retain workers; the program provides funds to pay up to 8 weeks of payroll costs including benefits; (ii) From the CARES Act, Treasury's first-loss position in Fed lending facilities of USD454 billion; (iv) April 24, The Paycheck Protection Program and Health Care Enhancement Act (PPPHCEA) appropriates an additional USD321 billion for the PPP; (v) As of August 6, total outstanding loans (that is, not including forgiven loans) from the PPP were USD523,421,099,011; (vi) June 25, the Government Accountability Office (GAO) reported that as of May 31 more than 170,000 PPP loans totaling about USD38.5 billion had been canceled; this amount is subtracted from category 2C and added to category 5B. (vii) No amount/estimate: July 28, the Federal Reserve announced an extension through December 31 of all lending facilities that were previously scheduled to expire on or around September 30; (viii) Not amount/estimate; August 6, the Small Business Administration announces that the Paycheck Protection Program will close at 11:59pm EDT on August 8, 2020.
|United States||03||03 - Direct long-term lending||USD||768,818,412,028||768,818,412,028|
|United States||03A||03A - Long-term lending||USD||768,818,412,028||768,818,412,028||FED. https://www.federalreserve.gov/monetarypolicy/pmccf.htm (accessed 30 May 2020); FED. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200511a.htm , https://www.federalreserve.gov/newsevents/pressreleases/monetary20200512a.htm, https://www.federalreserve.gov/releases/h41/, https://www.federalreserve.gov/newsevents/pressreleases/monetary20200603a.htm (all accessed as of 16 June 2020). FED https://www.federalreserve.gov/newsevents/pressreleases/monetary20200811a.htm (accessed 18 August 2020);||
(i) April 9, the Federal Reserve's Primary Market Corporate Credit Facility (PMCCF) will use the same SPV as the SMCCF in 2A to purchase corporate bonds in the primary market; the US Treasury will take the first USD50 billion in losses as per the CARES Act; the combined sizes authorized for the PMCCF and the Secondary Market Credit Facility (in 2A) will be USD750 billion (entered in 2A); (ii) The Federal Reserve established the Municipal Liquidity Facility (MLF) that will offer up to USD500 billion in lending to states and municipalities to manage cash flow stresses caused by the coronavirus pandemic; on April 27, the facility, as revised, will purchase notes issued by U.S. states (including the District of Columbia), U.S. counties with a population of at least 500,000 residents, and U.S. cities with a population of at least 250,000 residents; on May 15, the Treasury will accept the first USD35 billion in losses to the MLF as appropriated in the CARES Act; June 8, The MLF is now available to at least 2 cities or counties in each state regardless of population, and continues to be directly open to US states, the District of Columbia, and US cities with a population of at least 250,000, and to US counties with a population of at least 500,000 residents, as well as certain multistate entities; as of September 2, the MLF has USD1.651 billion loans outstanding, which is also the peak figure [update]; (iii) From the CARES Act, USD46 billion for loans to air carriers and businesses critical to national security; (iv) from the CARES Act, USD9 billion in loans for relief for aviation workers; (v) From the PPPHCEA, USD50 billion in additional loans authorized for the SBA's emergency disaster loans program; (vi) No amount/estimate, July 2, The US Treasury and 5 US airlines reached agreement on portions of USD25 billion in loans available from the CARES Act (already incorporated in (iii); (vii) As of July 27, the Small Business Administration's Economic Impact Disaster Loans approved for COVID-19-related dificulties was USD163,818,412,028. (viii) No amounts/estimate: 11 August, the Fed announced a reduction in interest rates charged on the Municipal Lending Facility to those entities issuing bonds whose interest payments are exempt from federal taxes--a 0.5% reduction of the interest rate spread (vs previously) over the overnight indexed swap rate (which closely follows the federal funds rate); the interest rate spread is determined by the long-term credit rating;
|United States||03B||03B - Forbearance||USD||Small Business Administration https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief (accessed 15 June 2020). FHFA https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Provides-Tenant-Protections.aspx (accessed 1 July 2020). FHFA https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Extends-COVID-Related-Loan-Processing-Flexibilities-for-Fannie-Mae-and-Freddie-Mac-Customers-Through-August.aspx (accessed 12 July 2020). FHFA https://www.fhfa.gov/Media/PublicAffairs/Pages/Multifamily-Property-Owners-in-Forbearance-Now-Required-to-Inform-Tenants-of-Eviction-Suspension-and-Tenant-Protections.aspx (accessed August 7)||
(i) No amount/estimate: the US Treasury's Small Business Administration (SBA) provides automatic deferral of disaster loans to small businesses through December 31, 2020; interest will continue to accrue. (ii) No amount/estimate: the SBA will pay 6 months of principal and interest (which is category 5B) for all current 7(A), 504, and microloans in regular servicing status as well as new 7(A), 504, and Microloans disbursed prior to September 27, 2020; (iii) No amount/estimate: June 29, Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac are allowing servicers to extend forbearance agreements for multifamily property owners with existing forbearance agreements for up to 3 months, for a total forbearance of 6 months; while the properties are in forbearance, the landlord must suspend all evictions for renters unable to pay rent; If a forbearance is extended, once the forbearance period concludes the borrower may qualify for up to 24 months to repay the missed payments; (iv) No amount/estimate: July 9, Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will extend flexibility in loan origination requirements; (v) No amount/estimate: August 6, Federal Housing Finance Agency announced that multifamily property owners with mortgages backed by Fannie Mae or Freddie Mac who enter into a new or modified forbearance agreement must inform tenants in writing about tenant protections during the owner's forbearance and repayment periods; additional protections from previously announced (in (iii) above) are for the owner's repayment period after the forbearance has concluded, which include giving tenants at least a 30-day notice to vacate, not charges for late fees or penalties for late payment of rent, and allowing tenants flexibility to repay rent over time and not in a lump sum; (vi) No amount/estimate: September 2, The Center for Disease Control Director signed a declaration determining that evictions of tenants could be detrimental to public health control measures and therefore ordering a temporary halt in evictions due to not paying rent through December 31, 2020; the order requires that tenants have used all available government assistance and are still unable to make full rent or housing payment due to substantial loss of household income; (vii) no amount/estimate; August 27, Fannie Mae and Freddie Mac will extend moratoriums on single-family forecloseures and real estate owned evictions until at least December 31, 2020. [update]
|United States||04||04 - Equity support||USD|
|United States||05||05 - Health and income support||USD||1,696,042,000,000||1,696,042,000,000||US Treasury; fiscal.treasury.gov/files/reports-statements/mts/current.html (accessed 26 June 2020).||
As of end of July, combined government deficits for March/April/May/June/July were USD2,182.828 billion - This figure includes automatic stabilizer effects from declining tax revenues and therefore is not equivalent to the package announced and entered for Measure 05. It also includes loans made through the Paycheck Protection Program that mostly will be cancelled (but not entirely) shown in Measure 02C.
|United States||05A||05A - Health support||USD||641,742,000,000||641,742,000,000||US Treasury; fiscal.treasury.gov/files/reports-statements/mts/current.html (accessed 26 June 2020). Bloomberg. https://www.bloomberg.com/news/articles/2020-03-25/what-s-in-congress-2-trillion-coronavirus-stimulus-package; US Congress. https://www.congress.gov/116/plaws/publ123/PLAW-116publ123.pdf; US Congress. https://www.congress.gov/bill/116th-congress/house-bill/6201/text (all accessed 16 April 2020).||
(i) The Coronavirus Preparedness and Response Supplemental Appropriations Act (CPRSAA) provides a total of USD7.767 billion in support of the following: (a) USD61 million salaries and expenses to prevent, prepare, and respond to coronavirus domestically and internationally; (b) USD20 million for expenses to carry out the disaster loan program; (c) USD2.2 billion support to the Center for Disease Control and Prevention; (d) USD836 million for the National Institute of Allergy and Infectious Diseases; (e) USD3.4 billion for Public Health and Social Services Emergency Fund; (f) USD1.25 billion for international disaster assistance; (ii) The Families First Coronavirus Response Act (FFCRA) provides USD187.675 billion for nutrition, public health, medical leave; (iii) The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides USD346.3 billion for healthcare services provider relief, disaster relief, veterans' healthcare and testing, relief to state/local/tribal/territorial governments, and research for vaccines and the Strategic National Stockpile; (iv) the PPPHCEA provides USD100 billion for additional healthcare services provider relief and the Public Health and Social Services Emergency Fund.
|United States||05B||05B - Income support||USD||1,054,300,000,000||1,054,300,000,000||US Treasury; fiscal.treasury.gov/files/reports-statements/mts/current.html (accessed 26 June 2020). Bloomberg. https://www.bloomberg.com/news/articles/2020-03-25/what-s-in-congress-2-trillion-coronavirus-stimulus-package; US Congress. https://www.congress.gov/116/plaws/publ123/PLAW-116publ123.pdf; US Congress. https://www.congress.gov/bill/116th-congress/house-bill/6201/text (all accessed 16 April 2020). Treasury https://home.treasury.gov/news/press-releases/sm998 (accessed 6 May 2020).||
(i) The CARES Act provides USD996.8 billion for Economic Impact Payments to households, increased unemployment insurance, tax credits for losses and delayed tax payments for businesses, employee retention tax credits, debt relief for student loans, debt relief for SBA loans, grants for SBA emergency loan program advances, assistance for airports and transit systems, Aid to Families with Dependent Children, additional Medicare expenses, the Post Office, assistance for aviation workers, higher education grants; (ii) The PPPHCEA provides USD12.1 billion for SBA employee salaries and additional SBA emergency loan program advances; (iii) The FFCRA provides USD6.9 billion for unemployment insurance and Medicaid expansion; (iv) June 26, as noted in 2C above, as of May 31 about USD38.5 billion in PPP loans had been canceled; (v) No amount/estimate: August 28, The US Treasury Department and Internal Revenue Service (IRS) released guidance allowing employers to defer withholding and paying the employee's portion of the Social Security payroll tax if the employee's wages are below a certain amount. [update]
|United States||06||06 - Budget reallocation||USD|
|United States||07||07 - Central bank financing government||USD||2,008,225,000,000||2,008,225,000,000||US Treasury. fsapps.fiscal.treasury.gov/dts/issues (accessed 26 June 2020).||
As of end of July, the total increase in Treasury liabilities held by the Federal Reserve since end of February (USD1.739 trillion) was about USD380 billion less than total government deficits during March/April/May/June (USD2.119 trillion, as reported in measure 05 above); the US Treasury's deposit balances held in accounts at the Federal Reserve have increased a total of USD1,269.132 billion since the end of February. [update]
|United States||07A||07A - Direct lending and reserve drawdown||USD||95,648,000,000||95,648,000,000||US Treasury. fsapps.fiscal.treasury.gov/dts/issues (accessed 26 June 2020).||
(i) On May 22, USD40.375 billion, or 85% of the US Treasury's first-loss positions in the CPFF, PMCCF, and SMCCF currently allocated on the Federal Reserve's balance sheet, were invested by the Federal Reserve in non-marketable Treasury securities, appearing as a "Domestic Series" transaction in Table III-A of the US Treasury's daily financial statement; (ii) On May 29, USD14.829 billion, or 85% of the US Treasury's first-loss position in the MLF currently allocated on the Federal Reserve's balance sheet, were invested by the Federal Reserve in non-marketable Treasury securities, appearing as a "Domestic Series" transaction in Table III-A of the US Treasury's daily financial statement; (iii) On June 8, USD31.875 billion, or 85% of the US Treasury's current allocation of its first-loss position on the Federal Reserve's balance sheet, were invested by the Federal Reserve in non-marketable Treasury securities, appearing as a "Domestic Series" transaction in Table III-A of the US Treasury's daily financial statement; (iv) On June 19, USD8.5 billion, or 85% of the US Treasury's current allocation of its first-loss position for TALF on the Federal Reserve's balance sheet, were invested by the Federal Reserve in non-marketable Treasury Securities, appearing as a "Domestic Series" transaction in Table III-A of the US Treasury's daily financial statement; (v) as of September 2, the total non-marketable "Domestic Series" debt issuance to the SPVs was USD95.625 billion for the first-loss positions plus an additional USD23 million in interest on this debt that has been rolled over into the Domestic Series issues [update]
|United States||07B||07B - Secondary purchase: government securities||USD||1,912,577,000,000||1,912,577,000,000||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 16 April 2020). Federal Reserve. https://www.federalreserve.gov/releases/h41/current/ (accessed 26 June 2020).||
(i) No amount/estimate: March 15, The Federal Reserve restarted quantitative easing with the purchase of Treasuries; (ii) August 19, The Federal Reserve currently owns USD4,345.544 billion in US Treasuries, which is an increase of USD1,871.484 billion over the USD2,474.06 billion it owned at the end of February; the total increased is composed of an additional USD45.5 billion in T-bills, an additional USD1,705.547 billion in T-notes and T-bonds, and an additional USD181.527 billion in inflation indexed securities; these are all peak values [update]
|United States||08||08 - International Assistance Received||USD|
|United States||08A||08A - Swaps||USD|
|United States||08B||08B - International loans/grants||USD|
|United States||08B1||08B1 - Asian Development Bank||USD|
|United States||08B2||08B2 - Other||USD|
|United States||09||09 - International Assistance Provided||USD||941,779,400,000||941,779,400,000|
|United States||09A||09A - Swaps||USD||940,879,400,000||940,879,400,000||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19; Federal Bank of New York. https://apps.newyorkfed.org/markets/autorates/fxswap (both accessed 16 April 2020). FED. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200331a.htm, Bank Indonesia. https://www.bi.go.id/en/ruang-media/info-terbaru/Pages/Perkembangan-Terkini-Perekonomian-dan-Langkah-BI-dalam-Hadapi-COVID-19-07042020.aspx, Hong Kong Monetary Authority. https://www.hkma.gov.hk/eng/news-and-media/press-releases/2020/04/20200422-4/ (all accessed 15 June 2020). Federal Reserve https://www.federalreserve.gov/newsevents/pressreleases/monetary20200729b.htm (accessed 31 July 2020)||
(i) March 19, The New York Fed entered into temporary US dollar liquidity arrangements (swap lines) with banks. These new facilities will support the provision of US dollar liquidity in amounts up to USD60 billion each for the Reserve Bank of Australia, the Banco Central do Brasil, the Bank of Korea, the Banco de Mexico, the Monetary Authority of Singapore, and the Sveriges Riksbank and USD30 billion each for the Danmarks Nationalbank, the Norges Bank, and the Reserve Bank of New Zealand. The following have unlimited swap lines with the New York Fed: European Central Bank, Bank of England, Bank of Canada, Bank of Japan, and Swiss National Bank. These US dollar liquidity arrangements will be in place for at least 6 months; total entered USD combines the credit limits for the first 9 central banks and the peak outstanding for those without limits, which sums to USD869.8794 billion (this is net of USD44 million in swaps outstanding on February 26); as of September 2, peak central bank swaps outstanding were USD448.946 billion on May 27, and the current amount outstanding is USD72.0687 billion; [update] (ii) March 31, the Federal Reserve established a temporary repo facility for foreign and international monetary authorities (FIMA Repo Facility) to obtain credit from the Federal Reserve collateralized with US Treasury securities; on April 7, Bank Indonesia was given a USD60 billion FIMA Repo Facility line of credit; on April 22, the Hong Kong Monetary Authority obtained a USD10 billion FIMA Repo Facility line of credit; June 16, Sri Lanka's central bank was given a USD1 billion FIMA Repo Facility line of credit; (iii) No amount/estimate: July 29, the Fed announced extension of all temporary swap lines and FIMA repo facilities through March 31, 2021;
|United States||09B||09B - International loans/grants||USD||900,000,000||900,000,000||US Department of State; state.gov/additional-u-s-foreign-assistance-builds-upon-u-s-leadership-in-the-global-covid-19-response/ (accessed 26 June 2020).||
As of May 6, total assistance for global health, humanitarian aid, and economic assistance to more than 120 countries worldwide to combat COVID-19 is over USD900 million; (x) No amount/estimate: August 22, The US Department of Labor approved the RMI’s Implementation Plan further to the RMI’s eligibility for the Pandemic Unemployment Assistance (PUA) under the CARES Act. PUA benefits are payable up to 39 weeks [update].
|United States||10||10 - No breakdown||USD|
|United States||11||11 - Other Economic Measures||USD||WTO. https://www.wto.org/english/tratop_e/covid19_e/covid19_e.htm#faq (accessed 11 April 2020); The White House. https://www.whitehouse.gov/presidential-actions/executive-order-prioritizing-allocating-health-medical-resources-respond-spread-covid-19/ (accessed 18 April 2020). NPR. https://www.npr.org/sections/coronavirus-live-updates/2020/04/29/847468328/tip-of-the-iceberg-economy-likely-shrank-but-worst-to-come (accessed 29 April 2020). FT. https://www.ft.com/content/ff49e13e-5f04-4443-9248-caaa3cd38443 (accessed 7 May 2020). FT https://www.ft.com/content/2a297508-c8d0-4736-8c2f-9f4d16822f57 (accessed 8 May 2020).FT https://www.ft.com/content/0b582c93-2bec-46db-a6e3-e5026b3faeb0 (accessed 14 May 2020). CNN. https://www.cnn.com/2020/05/15/economy/retail-sales-record-drop-april/index.html (accessed 15 May 2020).||
US President Donald J. Trump has already declared himself a “war-time” president and invoked war production powers to combat the COVID-19 crisis. (i) Temporary exclusion of certain products from the additional duty of 25% on a list of products (imposed on September 1, 2019). Published on March 20, but effective retroactively from September 1 2019; (ii) Presidential Memoranda allocating to domestic use certain personal protective equipment (e.g., N-95 filtering facepiece respirators; other filtering facepiece respirators; elastomeric, air-purifying respirators and appropriate particulate filters/cartridges; PPE surgical masks; and PPE gloves or surgical glove), due to the COVID-19 pandemic; (iii) No amount/estimate: July 1, 5 federal financial regulatory agencies announced an extension of the swap margin rule compliance dates, allowing an additional year for swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants to implement the initial margin requirements for certain smaller counterparties.
|United States||12||12 - Non-Economic Measures||USD||WTO. https://www.wto.org/english/tratop_e/covid19_e/covid19_e.htm#faq (accessed 11 April 2020). FT. https://www.ft.com/content/df97fa73-a2f0-3400-bb6c-a3794f1c1607 (accessed 6 May 2020).||
(i) Forty-eight states have issued stay at home orders; (ii) Current State Department guidance – Level 4 health advisory alert – advises Americans not to travel; (iii) All states have closed schools; (iv) Limits on operation of bars and restaurants in place in most states; and (v) US retailer Gap announced it will reopen up to 800 of its stores by the end of this month as states nationwide gradually begin to ease lockdowns.
|United States||01||01 - Liquidity Support||USD||1,250,000,000,000||1,250,000,000,000|
|United States||01A||01A - Short-term lending||USD||1,250,000,000,000||1,250,000,000,000||Board of Governors of the Federal Reserve System. https://www.federalreserve.gov/newsevents/pressreleases/monetary20200409a.htm (accessed 16 April 2020).||
(i) March 12, The Federal Reserve (Fed) massively expanded reverse repo operations, adding liquidity to the banking system; (ii) March 16, The Federal further increased reverse repo operations; (iii) April 9, The Fed took additional actions to provide loans to support the economy; (iv) April 9, The Fed increased the flow of credit to households and businesses through capital markets, by expanding the size and scope of the Primary and Secondary Market Corporate Credit Facilities (PMCCF and SMCCF). These combined facilities will support up to USD750 billion in credit; (v) The Fed also established the Municipal Liquidity Facility that will offer up to USD500 billion in lending to states and municipalities to manage cash flow stresses caused by the coronavirus pandemic.
|United States||01B||01B - Support policies for short-term lending||USD|
|United States||01C||01C - Forex operations||USD|
|United States||02||02 - Credit creation||USD||1,056,325,000,000||1,056,325,000,000|
|United States||02A||02A - Financial sector lending/funding||USD||196,325,000,000||196,325,000,000||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 16 April 2020). Board of Governors of the Federal Reserve System. https://www.federalreserve.gov/monetarypolicy/talf.htm (accessed 18 April 2020).||
(i) March 15, The Fed restarted quantitative easing with the purchase of mortgage-backed securities; (ii) April 9, The Fed increased the flow of credit to households and businesses through the USD100 billion Term Asset-Backed Securities Loan Facility (TALF); (iii) April 9, The Fed established a Main Street Lending Program to support loans to small and medium-sized enterprises.
|United States||02B||02B - Support policies for long-term lending||USD||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 16 April 2020).||
No amount/estimate: Federal funds rate lowered by 150 basis points (bps) to 0–0.25 bp; (ii) Purchase of Treasury and agency securities in the amount as needed; (iii) Expanded overnight and term repos; (iv) Lowered cost of discount window lending; (v) Reduced existing cost of swap lines with major central banks and extended the maturity of foreign exchange operations; (vi) Broadened United States dollar (USD) swap lines to more central banks.
|United States||02C||02C - Loan guarantees||USD||860,000,000,000||860,000,000,000||Bloomberg. https://www.bloomberg.com/news/articles/2020-03-25/what-s-in-congress-2-trillion-coronavirus-stimulus-package (accessed 16 April 2020).||
(i) USD349 billion in forgivable Small Business Administration loans and guarantees to help small businesses that retain workers; (ii) USD57 billion in other loans and guarantees; (iii) Treasury capitalization of Fed lending facilities of about USD454 billion.
|United States||03||03 - Direct long-term lending||USD|
|United States||03A||03A - Long-term lending||USD|
|United States||03B||03B - Forbearance||USD|
|United States||04||04 - Equity support||USD|