Blackrock is waiving ETF fees for this facility (don't know off the top of my head if other providers are as well) and overall fees for managing these facilitie

Blackrock is waiving ETF fees for this facility (don't know off the top of my head if other providers are as well) and overall fees for managing these facilities are not great. The Fed does not have the operational expertise to manage these facilities in-house. You could make an argument if all they were buying was ETFs but a majority of the facility is for corporate bonds and things can go real wrong if you don't know what you're doing there.