Yellen noted the many ways the Fed has worked to improve market liquidity:
-Enhanced discount window lending
Reduced rate spread and lengthened term of lending
-Established Term Auction Facility (TAF)
Term discount window loans at auction rate; $150 billion
-Initiated term repurchase (repo) transactions
Agency debt accepted as collateral for 28-day repos; $100 billion
-Established Term Securities Lending Facility (TSLF)
Lends Treasuries for highly rated ABS; up to $200 billion
-Provided financing for acquisition of Bear Stearns
Term financing to support purchase by JP Morgan; $29 billion
-Established Primary Dealer Credit Facility (PDCF)
Overnight borrowing from discount window by primary dealers
Speech to the Certified Financial Analysts Institute, Annual Conference
Credit, Housing, Commodities and the Economy
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