August 4, 2009
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
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