significant and temporary changes to primary credit lending terms. The maximum term of loans was extended from thirty days to ninety days. Less than a year before, the term had been only overnight. The primary credit rate was also reduced to 3.25% from 3.50%, which cut the spread of the primary credit rate over the federal funds rate to 25 basis points from 50 basis points.

The Wall Street Journal reported in November 2019 that banks were "desperate to avoid the stigma attached to