The Commercial Paper Funding Facility (CPFF) was a program instituted in October of 2008 to alleviate the strain on money market funds during the Great Recession. The CPFF was designed to increase the liquidity of the commercial paper market by providing funding to issuers. The program specifically provided a backup measure of liquidity for commercial paper issuers via a special purpose vehicle (SPV)
The Fed again opened the CPFF in March of 2020 in response to the steep market selloff and economic uncertainty surrounding the start of the global COVID-19 pandemic.
CPFF
means
Commercial Paper Funding Facility
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