In March 2020, the Federal Reserve launched the Secondary Market Corporate Credit Facility (SMCCF) to stabilize the $10 trillion U.S. corporate bond market, which faced falling prices and rising credit spreads due to the COVID-19 pandemic. By purchasing corporate bonds in the secondary market, the Fed aimed to support credit markets, marking its first direct intervention in corporate debt. Bin Wei assesses the SMCCF's effectiveness and examines how it influenced corporate bond pricing.