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Fed Expands Collateral for TALF

The Fed expanded the securities it will accept for its short-term lending program just hours before the revamped plan was set to begin.The program is designed to free up capital for lending by purchasing securities backed by high-quality assets from financial institutions. The Fed plans to spend about $1 trillion in the program.In a release on Thursday, the Fed said it will accept securities backed by mortgage servicing advances, securities-backed loans or leases relating to business equipment,

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Market Watchers Not Ready to Castoff U.S. Dollar

Fears of runaway inflation battered the U.S. dollar after the Federal Reserve's announced quantitative easing measures on Wednesday, but market watchers say it's far too soon to expect protracted U.S. dollar weakness.Quantitative easing involves printing money in order to lower lending costs through asset purchases. It is nearly universally regarded as a currency negative.The reaction following the announcement that the Fed will by $1.15 trillion of mortgage-backed securities, agency debt and Treasury securities was unmistakable. In the

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Fed's Evans Says Facilities Can be Expanded "As Conditions Warrant"

The U.S. Federal Reserve will continue providing support to the U.S. economy by expanding its credit facilities as conditions warrant, Chicago Fed President Charles Evans said on Tuesday.Speaking at a conference organized by the Czech National Bank in Prague, Evans, who also sits as a voting member on the Federal Open market Committee, said the Fed's Term Asset-Backed Securities Lending Facility and other initiatives to buy U.S. Treasuries and mortgage backed securities would be expanded according

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Sterling Weakens as Swine Flu Spreads Beyond Borders

The pound sterling has weakened further as cases of the swine flu increased around the globe, and in the aftermath of further promises from the Bank of England to widen its Asset Purchase Facility further if needed.On Sunday, the World Health Organization called the deadly swine flu a stage three pandemic, having infected individuals from around the world who travelled to Mexico. Mexico has attributed 103 deaths to the virus, but no one has died outside of

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La Fed lance une facilité de crédit générant jusqu’à 1 T$ de nouveaux prêts

Dans un effort visant à « catalyser le marché de titrisation, » la Réserve fédérale des États-Unis a annoncé qu’elle lancerait une nouvelle facilité de crédit, le Term Asset Backed Securities Facility (TALF), le 25 mars prochain.Le programme pourrait potentiellement générer 1 T$ en prêts aux entreprises et ménages, et fournira jusqu’à 200 G$ aux investisseurs possédant des titres adossés à des actifs cotés AAA. Le programme vise à améliorer les termes d’emprunt des petites entreprises et

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Fed Expands Collateral for TALF

The Fed expanded the securities it will accept for its short-term lending program just hours before the revamped plan was set to begin.The program is designed to free up capital for lending by purchasing securities backed by high-quality assets from financial institutions. The Fed plans to spend about $1 trillion in the program.In a release on Thursday, the Fed said it will accept securities backed by mortgage servicing advances, securities-backed loans or leases relating to business equipment,

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Plosser Says TALF Could Expose Fed to Financial Risk

Federal Reserve Bank of Philadelphia President Charles Plosser said Thursday the Federal Reserve could be exposed to credit risks from the Term Asset-Backed Securities Loan Facility (TALF) program.He said legacy assets purchased under the program pose the worst risk to the Fed, and that the outcome will depend on how the TALF is managed.He defended the Fed's decision to buy long-term Treasuries, saying the expansion of its balance sheet supports the economy and prevents deflation. He said

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Deleveraging Continues in the United States, Fed's Dudley Says

The Federal Reserve will continue to make credit available and the U.S. government will provide capital to viable firms, but the deleveraging process remains far from complete, newly appointed Fed Governor William Dudley said on Friday.Speaking at an event in New York, Dudley said the Fed's commercial paper facilities have worked well in ensuring the proper functioning of financial markets, and that the next tranche from the Term Asset-Backed Securities Loan Facility would be extended to stimulate

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USD Stronger Against All But the Yen As U.S. Plans TARP Repayment Rules

The U.S. dollar is stronger against all but the yen after suggestions that the U.S. Government may make it harder for financial institution to repay their TARP loans.According to the Financial Times on Sunday, a White House official said strong banks would be able repay Troubled Asset Relief Program loans only if the firm passes a test to determine whether it is in the national economic interest.Meanwhile, the New York Times ran an article saying the U.S.

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BOE Voted Unanimously to Cut to 0.50%, Maintain Asset Purchase Level, Minutes Show

Frankfurt - The Bank of England's Monetary Policy Committee had voted unanimously to keep its bank rate unchanged at a record low of 0.50%, and had decided to keep its asset purchase amount at £75 billion, calling the results from the initial asset purchases encouraging, the BOE minutes read.Though there remained a high degree of uncertainty over the appropriate scale of asset purchases necessary to keep inflation at target in the medium term, the Committee agreed that there

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