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Fed Creates Commercial Paper Funding Facility, USD/JPY Rallies
Tuesday, 07 October 2008 13:35:11 GMT
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The Federal Reserve said today that will create a Commercial Paper Funding Facility (CPFF) to help provide liquidity to short term funding markets. The Treasury believes this facility is necessary to prevent substantial disruptions to the financial markets and the economy and will make a special deposit at the Federal Reserve Bank of New York in support of this facility. The stock market and high yielding currencies reacted positively to the news. Indeed, investors expect that the recent measures engineered by the U.S. Federal Reserve to clean the market from some toxic assets could be the first leg of a more general recover in the appetite for risky assets like high yielding currencies.
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