Central banks announce second joint effort

The Federal Reserve will accept banks' mortgage-backed securities as part of a raft of liquidity measures announced by five of the world's most powerful monetary authorities on Tuesday 11 March.

The Fed has pledged to inject up to $200 billion through a new Term Securities Lending Facility, which will take banks' residential mortgage-backed securities as collateral in exchange for Treasuries as long as they are AAA/Aaa-rated private-label assets. The Fed's open market operations usually only

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