Statement: AFR on the Fed’s “Broad Market Index” for the Secondary Market Corporate Credit Facility
The Federal Reserve Bank of New York announced the initial composition of the index they will be using to purchase corporate bonds through its Secondary Market Corporate Credit Facility (SMCCF). The corporations included in their June 5 “Broad Market Index” raise serious concerns about public benefit, solvency, and further incentivizing companies to take on additional debt unnecessarily.
