These various actions appear to have improved the functioning of the commercial paper market, as rates and risk spreads have come down and the average maturities of issuance have increased. In contrast, our forthcoming asset-backed securities program, a joint effort with the Treasury, is not purely for liquidity provision.
I have been working with Benoît now for a decade—starting at our respective Treasuries where we both were drafted as financial firefighters, migrating to our respective central banks to help with stabilization, recovery, and normalization, and most recently preparing for the challenges that lie ahead. Over the course of that decade, I have developed deep admiration for Benoît’s keen insights and outstanding judgment.