The Fed’s SPV’s at Treasury are not technically on balance sheet which would violate Federal Reserve Act.
Less appreciated as pointed out by @bondstrategist is the fact that aside from commercial paper, NONE have been deployed and put to use.
Premature celebration? t.co/BwK6aHyR0J
— Danielle DiMartino Booth (@DiMartinoBooth) April 23, 2020
Unbelievable. Can I short this? t.co/WPNkFmPsk3
— Lawrence Lepard (@LawrenceLepard) April 23, 2020