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The central bank's Secondary Market Corporate Credit Facility will begin purchases today of eligible exchange-traded funds invested in corporate debt, seeing the method as a fast way to direct money into the credit markets. It's a historic milestone for the Fed, which hasn't yet bought any ETFs. The program, managed by BlackRock centers around investment grade corporate bonds, though some purchases will be in high-yield. Another Fed facility designed to buy debt directly from issuers is set to launch "in the near future." (SA)
 
The Department of the Interior has given final approval for Berkshire Hathaway's $1B solar project in Nevada that could power 260K households, enough to cover the entire residential population of Las Vegas. When finished, the 690 MW Gemini Solar Project would become the world's eighth largest solar power facility in the world, spanning some 7,100 acres of federal land. The developers aim to build the project in two phases over 28 months, with the first portion coming online in early 2021 and final facility completion as early as 2022. (CNBC)
 
Demand is slowing for the US government’s $660bn small-business rescue program, reflecting fears among some enterprises that they cannot meet its requirements for loan forgiveness.  Businesses rushed to apply for money when the second round of the loan scheme opened last month, with $90bn being allocated in the first three days. Demand was so high the scheme’s website crashed on the first day.  But, demand has slowed since then, with only just over $100bn having been claimed in the subsequent 11 days, leaving over $122bn in the pot. (FT)
 
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.

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