Discussion Paper
Federal Reserve Agency CMBS Purchases
Abstract: On March 23, the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York initiated plans to purchase agency commercial mortgage-backed securities (agency CMBS) at the direction of the FOMC in order to support smooth market functioning of the markets for these securities. This post describes the deterioration in market conditions that led to agency CMBS purchases, how the Desk conducts these operations, and how market functioning has improved since the start of the purchase operations.
Keywords: SOMA; agency; agency commercial mortgage-backed securities (agency CMBS); Open Market Trading Desk (the Desk); COVID-19; the Desk;
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Bibliographic Information
Provider: Federal Reserve Bank of New York
Part of Series: Liberty Street Economics
Publication Date: 2020-07-16
Number: 20200716