Fed paper examines non-bank emergency facility

US Federal Reserve building

The Federal Reserve has published research looking at the effectiveness of one of its key crisis facilities, targeted at non-bank financial institutions. The facility’s effectiveness varied depending on the types of firms using it, the paper finds.

Authors Ralf Meisenzahl and Karen Pence say their paper is the first to explore loan-level data on the Targeted Asset-Backed Securities Loan Facility, or Talf. The facility was used to supply emergency liquidity to the non-bank sector in both the

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