US: Fed targets the CP market |
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Overview: The Federal Reserve has taken a drastic step in order to unfreeze the US commercial paper market. The central bank announced in a statement today that it will create a special purpose vehicle to purchase three-month secured and unsecured commercial papers directly from eligible issuers. This move comes in response to a sharp fall over the past two weeks in the amount of outstanding unsecured CP which has exacerbated the funding difficulties faced particularly by the financial sector,
Filed under: Fundamental
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