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Fed to buy commercial paper.(Inside Track)(Brief article)
Following a roller-coaster day on Wall Street that saw the Dow close under 10,000 for the first time in years, the Federal Reserve announced on October 7 that it will invoke emergency powers under which it will buy billions in commercial paper--short-term debt instruments--in order to provide credit to companies other than those in the financial sector that have been stung by the collapse of the credit market.
As reported by the Associated Press, "The Fed said it is creating a new entity to buy three-month unsecured and asset-backed commercial paper directly from eligible companies. It hopes to have the program up and running soon." The new Fed entity will be named the Commercial Paper Funding Facility (CPFF). According to the press release announcing the creation of the CPFF, the new entity "will provide a liquidity backstop to U.S. issuers of commercial paper ...
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Source: HighBeam Research, Fed to buy commercial paper.(Inside Track)(Brief article)