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Email The Federal Reserve has established a number of programs to provide targeted support to the corporate credit, asset-backed securities, money market and commercial paper markets in light of the evolving coronavirus disease 2019 (COVID-19) pandemic. In broad strokes, these temporary programs backstop markets through the purchase or financing of highly rated securities. In this memorandum, we review the mandate and key terms of each program. https://www.cadwalader.com/resources/clients-friends-memos/covid-19-update-extraordinary-measures-in-extraordinary-times-the-federal-reserve-responds-to-the-coronavirus-pandemic