Federal Reserve press release

Today the Federal Reserve announced a few changes/improvements to the existing liquidity facilities recently created. The full press release can be viewed here. Below are the major changes:

1) Extension of the Primary Dealer Credit Facility (PDCF) and the Term Securities Lending Facility (TSLF) through January 30, 2009.

2) The introduction of auctions of options on $50 billion of draws on the TSLF.

3) The introduction of 84-day Term Auction Facility (TAF) loans as a complement to 28-day TAF loans.

4) An increase in the Federal Reserve’s swap line with the European Central Bank to $55 billion from $50 billion.

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