Title

Fed Establishes a Money Market Mutual Fund Liquidity Facility
Client Memorandum

Created date

3/19/2020

The Federal Reserve’s creation of a Money Market Mutual Fund Liquidity Facility (MMLF) follows the announcement of a Commercial Paper Funding Facility and a Primary Dealer Credit Facility, both of which we discussed earlier this week (link to CPFF memo, link to PDCF memo), and represents a continuation of the Federal Reserve’s use of its “unusual and exigent” powers to help provide liquidity during the current crisis. This client memo describes key features of the MMLF.