With the rapid stabilization of US banks, volumes in these operations declined significantly in 2009 and were soon discontinued.1 Policy focused instead now on the market  1  The major exception being the swap agreements with foreign central banks, most notably the ECB, but these operations addressed USD requirements by Non-US banks.
2  BIS central bankers’ speeches  for mortgages, badly hit by a crisis in the housing market. Interest rates on mortgages had not declined to the same extent as policy rates, reflecting higher risk premia. A new program by the Fed specifically addressed this risk premium by buying up significant amounts of mortgage-backed securities (MBS).