Fed to sell off assets from an emergency loan program

WASHINGTON (AP) — The Federal Reserve says it will start selling off the holdings of one of its emergency lending programs created last year to stabilize financial markets at the height of the pandemic crisis. The Fed announced Wednesday it will begin winding down the portfolio of the Secondary Corporate Credit Facility, which at the close of last year held $14.2 billion in assets. The corporate facility was one of a number of emergency lending facilities closed on Dec. 31 in a decision by then-Treasury Secretary Steven Mnuchin.