Let's recall that we return from the long Easter Weekend to a world where the Fed has begun a USD2.3 trillion liquidity injection into the US economy. A special purpose vehicle (SPV) will purchase 95% participations in loans through the Main Street Lending Program from banks, who would retain 5%. The Main Street New Loan Facility (MSNLF) is aimed at new loans originated by eligible banks, while the Main Street Extended Loan Facility (MSELF) is aimed at Main Street loans that increase the size of existing loans to businesses. A Paycheck Protection Program Liquidity Facility (PPPLF) will lend to all depository institutions that originate PPP loans to small businesses, with those loans as collateral. The Municipal Liquidity Facility (MLP) will purchase notes from states, large cities and large counties at the time of issuance. Finally, the Fed expanded the size and the scope of the Primary and Secondary Market Corporate Credit Facilities (PMCCF and SMCCF) and the Term Asset-Backed Securities Loan Facility (TALF). The PMCCF and the SMCCF are now also open to fallen angels - and the SMCCF will now also buy ETFs of junk bonds, while the TALF was expanded to include ABS where the underlying credit exposures are leveraged loans and commercial mortgages.