**The Fed did not “spend” $1.5 trillion; it loaned the money to banks, which rely on these kinds of short-term loans as a way to get cash when most of their resources are tied up in assets like bonds. What’s more, the Fed’s loans are collateralized, meaning they are backed up by bonds worth even more than the money the Fed lent. If the banks should for some reason default on the loan, the Fed gets to keep the bonds and makes a sizable profit. If the loans are paid back, the Fed still makes a profit because it charges a modest amount of interest for the loan.** *The Fed’s $1.5 trillion loan injection, explained.* https://www.vox.com/policy-and-politics/2020/3/13/21178457/1-5-trillion-stimulus-loan-fed-federal-reserve