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Federal Reserve <br />8,500,000 <br />8,000,000 <br />7,500,000 <br />7,000,000 <br />6,500,000 <br />6,000,000 <br />5,500,000 <br />5,000,000 <br />4,500,000 <br />4,000,000 <br />3,500,000 <br />Federal Reserve Balance Sheet Assets <br />✓0/, 0, ✓d�j qor ✓�/, pc ✓d�j qor ✓�/, <br />19 1,9 �� �� )o <br />Source: Federal Reserve <br />Effective Federal Funds Rate <br />3.00% <br />2.50% <br />2.00% <br />0 <br />1.50% <br />1.00% <br />0.50% - <br />0.00% - <br />✓4 j 0 "' ✓dam yb� ✓4/ 0, ✓dam qbr ✓4/ <br />l9 1,9 �p �p �p <br />Source: Bloomberg <br />Last year, the Fed took a wide range of aggressive actions to help stabilize and provide liquidity to the financial markets. The Fed 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. Last 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 expired at the end of 2020, including the Fed's corporate credit, asset -backed securities, municipal <br />lending, and Main Street Lending programs. In June 2021, the Fed announced plans to gradually unwind its corporate credit facility and expects <br />to sell the full portfolio by year-end. <br />12 C►" <br />21 <br />