ABCP Market: Impact of the Fed's CP Funding Facility

In an earlier post, we noted that the volume of Asset-Backed Commercial Paper (ABCP) has dropped precipitously. One explanation I heard was that the Fed stopped supporting such paper, and indeed the CP Funding Facility (CPFF) program seems to be dwindling:

Is that enough to explain the drop in ABCP volume? A quick linear regression, over the period since the CPFF was launched, answers that question:

With an R squared of 88%, it does seem that the Fed was the life support to the ABCP market.