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Commercial Paper

By experts and staff

Published
  • Benn SteilCFR Expert
    Senior Fellow and Director of International Economics
  • Dinah Walker
    Analyst, Geoeconomics
demise2

The size of the market for commercial paper in the U.S. has fallen dramatically since its peak in July 2007. After the disruptions of the Asset-Backed Commercial Paper (ABCP) crisis in August 2007 and the Lehman bankruptcy, the Federal Reserve created a commercial paper funding facility to restore liquidity. However the market for commercial paper has continued to shrink in 2009 straining financial intermediaries who have relied on the market for funding.

FRB: Commercial Paper

Reuters: U.S. Commercial Paper

WSJ: Commercial Paper Outstanding

Keogh, Condon: Commercial Paper Falls Most Ever