The Federal Reserve's latest corporate-credit facility took in $305 million worth of exchange-traded funds (ETFs) on the first day of its operation, Ben Winck wrote for the Market Insider on May 15, 2020, helping the Fed push its balance sheet total to a record $6.93 trillion in the week ending May 13.

The purchases kick off a key element of the monetary authority's plan to support the economy through the pandemic-fueled downturn, Winck added, but the Fed did not reveal which ETFs it took in even as it promised to release such data at least once a month.

Winck said the Fed has moved into uncharted territory to support the economy through the coronavirus pandemic, unveiling its first unveiled its Secondary Market Corporate Credit Facility (SMCCF) on March 23, bucking precedent and signaling the bank's most direct intervention in public markets.

The Fed is working alongside BlackRock, the world's largest money manager, to speed up its purchases. The corporate credit facilities will operate within three separate stages, progressing from a "stabilization" phase to an "ongoing monitoring" phase, and ending with a "reduction in support" phase, according to a document detailing the partnership. #coronavirusimpact #COVID19

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