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Researh Service

COVID-19: Selected Capital Markets

Segments Supported by Federal Government

Liquidity Interventions

April 16, 2020
The spread of Coronavirus Disease 2019 (COVID-19) induced heavy capital markets selloffs in March
2020. In response, the Federal Reserve (Fed)-sometimes with support from the Treasury Department-
has established several emergency lending facilities to provide liquidity to key capital markets segments.
As of the publication of this Insight, some markets that have announced Fed liquidity support appear to
have begun to stabilize. This Insight discusses the changing capital markets conditions (Figure 1) using
as examples, corporate bonds, money market mutual funds (MMFs), and municipal bonds. These
examples provide context for understanding capital markets functions, risks, and how they react to broad-
scale liquidity interventions.

                                                         Congressional Research Service

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