Crisis measures improved financial market conditions: Chicago Fed paper

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The Federal Reserve is more likely to initiate or expand new programmes when financial market conditions are tighter than usual and economic conditions are deteriorating, a Chicago Federal Reserve paper, published in May, shows.

Scott Brave and Hesna Genay, the paper's authors, examine the impact of unconventional policies carried out at the Federal Reserve on broad financial market conditions in the United States.

Brave and Genay find the Fed was more likely to take a policy action during weeks

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