It looks to me the Fed identified and used some corner case in the law (feel free to substitute loophole for corner case if you wish). During the early weeks o

It looks to me the Fed identified and used some corner case in the law (feel free to substitute loophole for corner case if you wish). During the early weeks of Covid, I was amazed how quickly the Fed created new tools to address the financial crisis that was unfolding [1]. Although I interacted with Fed regulators, I was not close enough to ask them if they pulled all-nighters. It would not surprise me if they did. In fact, that was the only plausible explanation I could find, either that, or some of them are 10x guys. President Biden just gave an address [2] saying that the Fed will work with the Congress to make sure the situation will not repeat. So, yes, you are right, increasing the limit will require an act of Congress, and this will come, but it will take some time. Until then, the new "infinite limit" will be de facto, but not de jure. [1] https://www.americanactionforum.org/insight/timeline-the-federal-reserve-responds-to-the-threat-of-coronavirus/ https://www.americanactionforum.org/insight/timeline-the-fed... [2] https://www.youtube.com/watch?v=dLVbVqqsXF8 https://www.youtube.com/watch?v=dLVbVqqsXF8