Fed sets boundaries for stability role

The Federal Reserve sought to clarify its role as a guardian of financial stability on Monday in an attempt to avoid taking what one regional Fed president has labelled "risky" fiscal action.

The Fed, in agreement with the United States Treasury, devised four points detailing the limits of its role in preserving stability. The authorities also said that in the longer-term the Maiden Lane facilities on the New York Fed's balance sheet, which holds the assets used as collateral for loans to

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