Weekly-average borrowing levels peaked at about $ billion in late March but have subsequently declined. In sum, the Federal Reserve and other major central banks have taken aggressive actions that have helped us through some uncharted territory. Well-functioning, liquid financial markets are essential to economic prosperity.
Had the Federal Reserve and other central banks not stepped in and acted with appropriate vigor to provide liquidity, the consequences for the real economy very likely would have been quite severe. Public liquidity, however, is only an imperfect substitute for private liquidity.