With a significant part of the financial system inoperative and with many payments not being made as scheduled, the banking system's demand for reserve balances rose sharply. Those reserve needs were met initially through large amounts of direct borrowing from the Fed. As market functioning improved, needed reserves were provided by means of open-market operations.
As you improve your skills please draw lessons from this past experience. It goes without saying that financial markets thrive on information, it is, therefore, critical that information is disseminated accurately, in a timely manner and in a well structured format. It should be relevant and more importantly, well balanced to enable market participants make well informed investment decisions.