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Federal Reserve <br />8,000,000 <br />7,500,000 <br />7,000, 000 <br />6,500,000 <br />6,000,000 <br /><n 5,500,000 <br />c <br />5,000,000 <br />4,500,000 <br />4,000, 000 <br />3,500,000 <br />Federal Reserve Balance Sheet Assets <br />1107 Apr, �211 OC'l ✓dam Apr, �211 OC ✓d7 <br />l9 l9 1y 79 �O �O �O �O �1 <br />Source: Federal Reserve <br />3.00% <br />2.50% <br />2.00% <br />1.00% <br />0.50% <br />0.00% <br />Effective Federal Funds Rate <br />✓dam l9 qp�1 ✓�/ 9 Oct ✓012 qpr� ✓4/ O Oc�� ✓012 <br />9 1 9 O O O 1 <br />Source: Bloomberg <br />The Fed has taken a wide range of aggressive actions to help stabilize and provide liquidity to the financial markets. The Fed has lowered the <br />fed funds target rate to a range of 0.0%-0.25% and continues to purchase Treasury and agency mortgage -backed securities to support smooth <br />market functioning. Earlier this year, policymakers reinstated the Commercial Paper Funding Facility and Money Market Mutual Fund Liquidity <br />Facility. The Fed also established the Primary Market Corporate Credit Facility, Secondary Market Corporate Credit Facility, Term Asset -Backed <br />Securities Loan Facility, Paycheck Protection Program Liquidity Facility, Main Street Lending Facility, and Municipal Liquidity Facility. The Fed <br />has also provided short-term funding through large-scale repo operations and lowered the reserve requirement for depository institutions. <br />Notably, many of the Fed's lending facilities are set to expire at the end of this year, including the Fed's corporate credit, asset -backed <br />securities, municipal lending, and Main Street Lending programs. The Fed will return the unused funds currently earmarked for those facilities <br />to the Treasury. <br />13 Qtj <br />20 <br />