Fed's TSLF fulfils its functions
Federal Reserve's Term Securities Lending Facility (TSLF) is effective in improving market liquidity, finds a new paper form the New York Federal Reserve.
The research finds that spreads between government and private-sector narrowed considerably after the first TSLF auction indicating that liquidity conditions in the markets improved.
In addition, the research finds that the auctions conducted through the facility can be quickly scaled up or down in size, and that they have no impact on bank
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