The four-letter acronyms for 'bailout' continue to play out exactly like during the Lehman crisis (as we previewed here), as The Fed desperately tries to hold the backbone of the entire global financial markets together with whack-a-mole buying programs to avoid investors seeing behind the curtain of the whole Potemkin Village.

Earlier this week we previewed all this, noting that, in addition to the revival of the PDCF, we may also see the return of AMLF and MMIFF...

The second (MMIFF) was designed to provide liquidity for money market mutual funds, stimulating them to extend the term of their money market investments.

Instead of scrambling for overnight assets because of liquidity fears, this would help maintain demand for term securities in the money market. Although no loans were made under the MMIFF, the facility could be useful this time. While CPFF helps issuers of commercial paper, money market mutual funds are still in need of liquidity.

A related facility, which peaked at $140bn in 2008, was the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF) which provided funding for depository institutions purchasing asset-backed commercial paper from money market mutual funds.