Williams: Emergency Lending Helped Ease Credit Markets

The President of the Federal Reserve Bank of New York, John Williams, said that the Fed’s emergency lending have helped ease credit markets disrupted by the COVID-19 pandemic, Reuters reported.

“The scale and reach of the response is an indication of the gravity and unique nature of the situation we are facing.”

“This is, in fact, a measure of success, the existence of the facilities, even in a backstop role, has helped boost confidence to the point where borrowers are able to access credit from the private market at affordable rates.”