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SOURCE ROOM

Federal Reserve announces two initiatives designed to bolster market liquidity and promote orderly market functioning (March 16, 2008)

Board of Governors of the Federal Reserve System

Claims Supported by This Source

  1. On Sunday, March 16, 2008, unanimously authorized the Federal Reserve Bank of New York to establish the Primary Dealer Credit Facility (PDCF). Effective March 17 for at least 6 months. Collateral was a broad range of investment-grade debt securities, and the interest rate was the same as the primary credit rate.
  2. Lowered the primary credit rate from 3.5% to 3.25%, narrowing the spread to the FF target to 0.25 percentage points. Extended the maximum term for primary credit from 30 to 90 days.
  3. The Board approved the financing arrangement announced by JPMorgan Chase and Bear Stearns.

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