The Fed isn't equipped to do security selection so that's why Blackrock is managing this facility. Blackrock is absolutely going to do secondary bond purchases (on the Fed's behalf) once that portion of the facility is up and running.
The Fed has also said that they don't want to influence market share of ETFs so that's been interpreted as some sort of benchmark per manager. I believe Blackrock was around 50% of qualifying ETFs outstanding at the time. The Fed published purchases to date last week which has a pretty decent breakdown: https://www.federalreserve.gov/monetarypolicy/files/smccf-tr...
Fed has directly bought securities in every downturn that I know of. They bought MBS during 2007 recession. They are buying corporate paper right now directly. What they didn’t do was go bailout the mortgage REITs.
The Fed has not bought any corporate bonds yet. If you have some proof of that, please share your source. I work directly in this space, know everything that is going on and am unaware of any purchases so either I'm terrible at my job or you have some information no one else has.
The Fed has also said that they don't want to influence market share of ETFs so that's been interpreted as some sort of benchmark per manager. I believe Blackrock was around 50% of qualifying ETFs outstanding at the time. The Fed published purchases to date last week which has a pretty decent breakdown: https://www.federalreserve.gov/monetarypolicy/files/smccf-tr...