Fed further opens lending window

The Federal Reserve has announced a new lending facility that will allow an even wider range of institutions - including hedge funds - to access loans by the central bank.

The assistance from the Fed, which could reach $200 billion, will be made available under the terms of a new facility called the Term Asset-backed Securities Loan Facility. The Fed said on Friday it would offer low-cost three-year funding to any American company investing in securitised consumer loans.

This means that hedge