576:
90:
During the first three days the facility was open, an average of $ 13.3 billion was borrowed daily with $ 28.8 billion in loans outstanding. Lending activity peaked in the first week of
October 2008, averaging around $ 150 billion daily. The facility closed on February 1, 2010. According to the
146:, including the creation of the Primary Dealer Credit Facility, have expanded its balance sheet from $ 800 billion, consisting mainly of safe treasury bills, to over $ 2 trillion, consisting largely of riskier debt and
83:. Non-bank institutions such as investment banks exist outside the Fed's regulatory structure. A full detail of the nominal value of loans outstanding through the PDCF is available in the Federal Reserve's public
91:
Federal
Reserve, all loans extended under this facility were repaid in full, with interest, in accordance with the terms of the facility. In total, $ 8.95 trillion in loans were made through the Facility.
181:
on the same terms as more tightly regulated financial institutions. They argue that since the
Federal Reserve is now lending directly to investment banks that these institutions, along with other
953:
212:, shielding the identity of exactly which institutions used the facility and how much they borrowed. Data disclosing details of the loans is available on the Fed Board of Governors' site.
863:
912:
208:
about releasing the details of exactly which firms have received funds from the
Federal Reserve and specifically how much. The volume of lending at the PDCF was only published in the
2035:
1491:
2690:
2248:
1901:
1486:
936:
869:
829:
1852:
1516:
127:
debt securities were accepted as collateral through the PDCF. On
December 2, 2008, the Federal Reserve announced a further extension of the PDCF through April 30, 2009.
1453:
1536:
930:
2012:
2648:
1420:
836:
197:
1358:
75:
The creation of the
Primary Dealer Credit Facility constitutes the first time in the history of the Federal Reserve that the Fed has lent directly to
2241:
1891:
2359:
1506:
881:
763:
502:
1313:
660:
403:
107:, including an extension of the Primary Dealer Credit Facility, through January 30, 2009. On September 14, 2008, in the wake of the collapse of
2392:
1982:
1847:
1511:
1415:
2705:
2401:
1320:
2234:
1906:
1761:
1481:
887:
1952:
1713:
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1541:
1521:
919:
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1997:
1921:
1561:
924:
364:
266:
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2007:
1635:
1476:
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1837:
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2415:
1931:
1728:
1592:
1410:
167:
377:
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1531:
1383:
1351:
600:
2187:
1916:
1886:
1807:
1261:
893:
751:
655:
293:
Thomson
Financial News, Investors borrow 28.8 bln usd from Fed's new primary dealer credit facility, Retrieved March 20, 2008
171:
1947:
1802:
1668:
1308:
1171:
495:
60:
equivalent to the Fed's primary credit rate. The facility was intended to improve the ability of broker dealers to access
1241:
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2385:
2092:
1977:
1074:
805:
532:
432:
2604:
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875:
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1992:
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352:
339:
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2508:
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799:
305:, Wall Street Taps Fed's New Loan Program, Sudeep Reddy, March 21, 2008, p. A3, accessed March 21, 2008
2721:
2560:
2349:
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2017:
1685:
1658:
1597:
985:
565:
2102:
1857:
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1021:
997:
757:
669:
254:
147:
120:
65:
17:
2726:
1812:
1680:
367:
Federal
Reserve Bank of New York, FAQs: Primary Dealer Credit Facility. Retrieved March 23, 2020.
278:
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2679:
2205:
769:
740:
560:
537:
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151:
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69:
53:
41:
134:
reopened the PDCF in order to limit the economic impact caused by the COVID-19 pandemic.
8:
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2097:
1602:
1003:
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699:
633:
45:
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2192:
1526:
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1033:
449:$ 1.2 Trillion Slush Fund: Congressman Alan Grayson Grills Fed Vice Chair Donald Kohn
308:
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723:
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61:
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2002:
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57:
404:
The Fed Has to Keep
Lending to Investment Banks. The Markets, um, Need It.,
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1051:
1039:
991:
717:
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21:
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32:(PDCF). Eligible borrowers include all financial institutions listed as
2370:
590:
260:
186:
242:"Federal Reserve Bank of New York, Primary Dealer Credit Facility FAQ"
1325:
1288:
621:
115:
eligible at the PDCF to include all collateral eligible in tri-party
104:
79:, and it reflects the severity of the financial crisis perceived by
2051:
1293:
693:
552:
1613:
1298:
2036:
List of banks acquired or bankrupted during the Great
Recession
1492:
Acquired or bankrupt banks in the late 2000s financial crisis
391:
WSJ: The Fed Expands Liquidity Facilities to Include Equities
1871:
37:
316:
Federal Reserve Transaction data. Retrieved June 23, 2011.
1902:
Dodd–Frank Wall Street Reform and Consumer Protection Act
1487:
Dodd–Frank Wall Street Reform and Consumer Protection Act
2256:
2013:
National fiscal policy response to the Great Recession
28:
announced the creation of a new lending facility, the
2691:
2011 TĹŤhoku earthquake and tsunami stock market crash
158:. Also, the Fed's actions have been criticized as a
111:, the Federal Reserve announced plans to expand the
44:, or "repo" loan, whereby the broker dealer sells a
1537:
Public–Private Investment Program for Legacy Assets
931:
Public–Private Investment Program for Legacy Assets
378:
The Fed has been rather sneaky, Part 2, RGE Monitor
279:
Federal Reserve, factors supplying reserve balances
198:
United States House Committee on Financial Services
2132:(Europe, Middle East and North Africa, Asia; 2009)
267:Portfolio:Should the Fed lend to Investment Banks?
255:"Understanding Changes to Fed Liquidity Provision"
1366:
438:. September 22, 2008. Retrieved January 30, 2009.
393:, September 14, 2008. Retrieved January 30, 2009.
2739:
2416:Early stock market crashes in the Dutch Republic
1940:
380:. December 14, 2008. Retrieved January 30, 2009.
272:
451:, January 13, 2009. Retrieved January 30, 2009.
162:grab to become more powerful relative to other
154:was criticized for further weakening the Fed's
1983:American Recovery and Reinvestment Act of 2009
1848:Office of Federal Housing Enterprise Oversight
1512:Federal takeover of Fannie Mae and Freddie Mac
103:announced several actions to further increase
2386:
2242:
1629:
1352:
1321:Personal consumption expenditures price index
496:
422:, March 17, 2008. Retrieved January 30, 2009.
177:Many have criticized the PDCF for lending to
1907:Emergency Economic Stabilization Act of 2008
1482:Emergency Economic Stabilization Act of 2008
433:"Fed Pre-emptively Ends Regulatory Debate",
409:. July 30, 2008. Retrieved January 30, 2009.
1552:2009 Supervisory Capital Assessment Program
1522:Homeowners Affordability and Stability Plan
920:2009 Supervisory Capital Assessment Program
837:Federal Reserve v. Investment Co. Institute
420:Fed Opens Discount Window to Broker Dealers
2393:
2379:
2249:
2235:
2044:
1998:Fraud Enforcement and Recovery Act of 2009
1922:Term Asset-Backed Securities Loan Facility
1636:
1622:
1562:Term Asset-Backed Securities Loan Facility
1359:
1345:
925:Term Asset-Backed Securities Loan Facility
510:
503:
489:
94:
2706:2015–2016 Chinese stock market turbulence
2178:Effects of the Great Recession on museums
2008:Housing and Economic Recovery Act of 2008
1892:China–Japan–South Korea trilateral summit
1477:Housing and Economic Recovery Act of 2008
206:Federal Reserve Vice Chairman Donald Kohn
2400:
1872:Government policy and spending responses
1838:Government National Mortgage Association
48:in exchange for funds through the Fed's
1932:2008 United Kingdom bank rescue package
1593:Financial position of the United States
257:, May 2008. Retrieved January 30, 2009.
2740:
601:Monetary Policy Report to the Congress
150:. The decision to expand the eligible
16:On March 17, 2008, in response to the
2374:
2230:
1917:Temporary Liquidity Guarantee Program
1887:Banking (Special Provisions) Act 2008
1870:
1808:Federal Deposit Insurance Corporation
1617:
1340:
894:Unfair or Deceptive Acts or Practices
484:
81:Federal Reserve Chairman Ben Bernanke
56:, and the Federal Reserve charges an
1803:Consumer Financial Protection Bureau
1309:Monetary policy of the United States
888:Emergency Economic Stabilization Act
845:Northeast Bancorp v. Federal Reserve
818:Humphrey–Hawkins Full Employment Act
461:Regulatory Reform - PDCF description
2093:Collateralized mortgage obligations
1643:
596:Federal Reserve Statistical Release
340:"Press Release, September 14, 2008"
52:. The security in question acts as
13:
882:Subprime mortgage crisis responses
14:
2764:
2701:2011 Bangladesh share market scam
2605:Japanese asset price bubble crash
2581:Souk Al-Manakh stock market crash
2188:2007–2008 world food price crisis
1988:Chinese economic stimulus program
1973:2008 European Union stimulus plan
1897:Commercial Paper Funding Facility
947:Commercial Paper Funding Facility
900:Commercial Paper Funding Facility
469:
353:"Press Release, December 2, 2008"
222:Commercial Paper Funding Facility
2216:List of countries by public debt
1843:National Asset Management Agency
1284:Criticism of the Federal Reserve
858:Expedited Funds Availability Act
574:
365:Federal Reserve Bank of New York
2171:2008 Central Asia energy crisis
2088:Collateralized debt obligations
752:U.S. Treasury Department Accord
454:
441:
425:
412:
396:
383:
370:
358:
345:
2711:2015–2016 stock market selloff
2696:August 2011 stock markets fall
1978:2008–2009 Keynesian resurgence
1823:Federal Housing Finance Agency
1818:Federal Housing Administration
1547:Primary Dealer Credit Facility
1416:Role of credit rating agencies
1376:Background / timeline
954:Corner Post v. Federal Reserve
906:Primary Dealer Credit Facility
332:
327:"Press Release, July 30, 2008"
319:
296:
284:
247:
234:
30:Primary Dealer Credit Facility
1:
2665:U.S. bear market of 2007–2009
2655:Stock market downturn of 2002
2627:1998 Russian financial crisis
2593:Rio de Janeiro Stock Exchange
2355:Financial crisis of 2007–2008
2320:Baring crisis (Panic of 1890)
1993:Economic Stimulus Act of 2008
1927:Troubled Asset Relief Program
1853:Office of Financial Stability
1828:Federal Housing Finance Board
1762:Société Générale trading loss
1567:Troubled Asset Relief Program
1472:Economic Stimulus Act of 2008
1368:U.S. subprime mortgage crisis
543:Federal Open Market Committee
355:. Retrieved January 30, 2009.
342:. Retrieved January 30, 2009.
329:. Retrieved January 30, 2009.
281:. Retrieved January 30, 2009.
269:. Retrieved January 30, 2009.
227:
137:
68:that banks use to meet their
2660:Chinese stock bubble of 2007
2576:1973–1974 stock market crash
1912:Irish emergency budget, 2009
1407:United States housing bubble
913:Bloomberg v. Federal Reserve
812:Electronic Fund Transfer Act
794:Home Mortgage Disclosure Act
788:Equal Credit Opportunity Act
676:National Monetary Commission
7:
2622:October 27, 1997 mini-crash
2617:1997 Asian financial crisis
244:. Retrieved March 20, 2008.
215:
10:
2769:
2675:2009 Dubai debt standstill
2670:2007–2008 financial crisis
2599:Friday the 13th mini-crash
2509:Paris Bourse crash of 1882
2211:2007–2008 financial crisis
2103:Mortgage-backed securities
1714:Automotive industry crisis
1497:Capital Assistance Program
1439:2007–2008 financial crisis
1109:Vice Chair for Supervision
806:Federal Reserve Reform Act
800:Community Reinvestment Act
148:mortgage-backed securities
2722:2018 cryptocurrency crash
2716:Brexit stock market crash
2635:
2561:Wall Street Crash of 1929
2538:
2465:
2424:
2408:
2350:Wall Street Crash of 1929
2265:
2201:
2158:
2116:
2108:Secondary mortgage market
2073:
2029:rescues, and acquisitions
2027:Government interventions,
2026:
2018:Zero interest-rate policy
1965:
1877:
1866:
1795:
1742:
1729:Housing market correction
1706:
1651:
1598:Foreclosure rescue scheme
1580:
1507:Federal Reserve responses
1462:
1454:Indirect economic effects
1429:
1411:housing market correction
1397:
1374:
1271:
1138:
1073:
964:
824:International Banking Act
654:
609:
583:
572:
566:Federal Reserve Bank Note
551:
518:
2437:South Sea Bubble of 1720
2126:(United States; c. 2009)
1858:UK Financial Investments
1743:Banking losses and fraud
1734:Subprime mortgage crisis
1719:California budget crisis
1502:Capital Purchase Program
758:Bank Holding Company Act
18:subprime mortgage crisis
2727:2020 stock market crash
2649:9/11 stock market crash
2556:Depression of 1920–1921
2144:(worldwide; 2011–2012)
2083:Auction rate securities
1813:Federal Home Loan Banks
1517:Government intervention
406:The Wall Street Journal
303:The Wall Street Journal
130:On March 17, 2020, the
95:Changes to the Facility
2748:Federal Reserve System
2566:Recession of 1937–1938
2432:The Mississippi Bubble
1833:Federal Reserve System
1707:United States-specific
1384:Background information
876:Gramm–Leach–Bliley Act
747:Employment Act of 1946
512:Federal Reserve System
189:, should face broader
99:On July 30, 2008, the
36:, and the term of the
2571:Kennedy Slide of 1962
2442:Bengal Bubble of 1769
2183:Decline of newspapers
2130:2009 May Day protests
2076:and financial markets
1966:Stimulus and recovery
1304:Lender of last resort
980:William P. G. Harding
782:Smithsonian Agreement
712:Emergency Banking Act
538:Federal Reserve Banks
200:on January 13, 2009,
117:repurchase agreements
66:overnight loan market
2680:European debt crisis
2402:Stock market crashes
2260:in the United States
2206:European debt crisis
2098:Credit default swaps
2074:Securities involved
1880:stability and reform
1603:Property derivatives
1542:Regulatory responses
986:Daniel R. Crissinger
870:FDIC Improvement Act
770:Truth in Lending Act
741:Bretton Woods system
670:Aldrich–Vreeland Act
561:Federal Reserve Note
196:In a hearing of the
183:private-equity firms
164:financial regulators
70:reserve requirements
42:repurchase agreement
20:and the collapse of
2613:(16 September 1992)
2166:2000s energy crisis
1878:Banking and finance
1796:Government entities
1421:Government policies
736:Banking Act of 1935
682:Federal Reserve Act
435:Wall Street Journal
142:The actions of the
123:. Originally, only
2457:Panic of 1796–1797
2345:Panic of 1910–1911
2275:Panic of 1796–1797
2148:Occupy Wall Street
2124:Tea Party protests
1782:Scott W. Rothstein
1572:Wall Street reform
1557:Tea Party protests
1139:Current presidents
1120:Christopher Waller
1010:Marriner S. Eccles
724:Glass–Steagall Act
634:Federal funds rate
2753:Financial markets
2735:
2734:
2589:(19 October 1987)
2368:
2367:
2224:
2223:
2193:Retail apocalypse
2138:(MENA; 2010–2012)
2069:
2068:
2065:
2064:
1961:
1960:
1941:Bank stress tests
1611:
1610:
1532:Loan modification
1527:Hope Now Alliance
1334:
1333:
1178:Loretta J. Mester
1168:Patrick T. Harker
1034:G. William Miller
1022:William M. Martin
974:Charles S. Hamlin
418:Naked Capitalism.
402:Moore N., Heidi.
389:Naked Capitalism.
202:Rep. Alan Grayson
2760:
2686:2010 Flash Crash
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2117:Social responses
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1937:
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1095:Philip Jefferson
1016:Thomas B. McCabe
941:Durbin amendment
730:Gold Reserve Act
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376:Wilder, Rebecca.
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351:Federal Reserve.
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338:Federal Reserve.
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325:Federal Reserve.
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179:investment banks
125:investment-grade
77:investment banks
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2757:
2738:
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2731:
2631:
2611:Black Wednesday
2534:
2461:
2420:
2404:
2399:
2369:
2364:
2360:COVID-19 (2020)
2261:
2255:
2225:
2220:
2197:
2154:
2142:Occupy movement
2112:
2075:
2061:
2040:
2028:
2022:
1957:
1936:
1879:
1873:
1862:
1791:
1738:
1702:
1647:
1645:Great Recession
1642:
1612:
1607:
1576:
1458:
1444:Great Recession
1425:
1393:
1389:Impact timeline
1370:
1365:
1335:
1330:
1267:
1218:Alberto Musalem
1208:Austan Goolsbee
1140:
1134:
1115:Michelle Bowman
1076:
1069:
1028:Arthur F. Burns
1004:Eugene R. Black
960:
658:
650:
617:Discount window
605:
579:
575:
570:
547:
514:
509:
476:NYFR PDCF Terms
472:
467:
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204:(D-Fl) pressed
144:Federal Reserve
140:
132:Federal Reserve
119:with the major
109:Lehman Brothers
101:Federal Reserve
97:
50:discount window
34:primary dealers
26:Federal Reserve
12:
11:
5:
2766:
2756:
2755:
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2733:
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2703:
2698:
2693:
2688:
2683:
2677:
2672:
2667:
2662:
2657:
2652:
2646:
2643:Dot-com bubble
2639:
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2447:Crisis of 1772
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2297:
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2258:Banking panics
2254:
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2159:Related topics
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2057:General Motors
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2046:
2039:
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2032:
2030:
2024:
2023:
2021:
2020:
2015:
2010:
2005:
2003:Green New Deal
2000:
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1980:
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1969:
1967:
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1198:Raphael Bostic
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1130:Adriana Kugler
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1066:(2018–present)
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1046:Alan Greenspan
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937:Dodd–Frank Act
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766:(1961–present)
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2551:Panic of 1907
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2530:Panic of 1896
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2514:Panic of 1884
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2488:Panic of 1847
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2478:Panic of 1825
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1772:Bernie Madoff
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1767:Forex scandal
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1750:Libor scandal
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1228:Neel Kashkari
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1188:Thomas Barkin
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1158:John Williams
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1148:Susan Collins
1146:
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1141:(by district)
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852:Greenspan put
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629:Federal funds
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610:Federal funds
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156:balance sheet
153:
149:
145:
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133:
128:
126:
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118:
114:
110:
106:
102:
92:
88:
86:
85:balance sheet
82:
78:
73:
71:
67:
63:
59:
58:interest rate
55:
51:
47:
43:
39:
35:
31:
27:
23:
19:
2636:21st century
2587:Black Monday
2539:20th century
2519:Encilhamento
2498:Black Friday
2466:19th century
2425:18th century
2409:17th century
1546:
1409: /
1279:Central bank
1258:Mary C. Daly
1172:Philadelphia
1125:Lisa D. Cook
1105:Michael Barr
1058:Janet Yellen
1052:Ben Bernanke
1040:Paul Volcker
998:Eugene Meyer
992:Roy A. Young
952:
911:
905:
843:
835:
764:FOMC actions
718:Regulation Q
706:Regulation D
456:
443:
434:
427:
414:
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385:
372:
360:
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321:
310:
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286:
274:
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249:
236:
195:
176:
166:such as the
141:
129:
98:
89:
74:
29:
22:Bear Stearns
15:
2645:(2000–2002)
2607:(1990–1992)
2521:(1890–1893)
2136:Arab Spring
2045:Non-banking
1777:Tom Petters
1248:Lorie Logan
1242:Kansas City
1238:Jeff Schmid
1232:Minneapolis
1060:(2014–2018)
1054:(2006–2014)
1048:(1987–2006)
1042:(1979–1987)
1036:(1978–1979)
1030:(1970–1978)
1024:(1951–1970)
1018:(1948–1951)
1012:(1934–1948)
1006:(1933–1934)
1000:(1930–1933)
994:(1927–1930)
988:(1923–1927)
982:(1916–1922)
976:(1914–1916)
949:(2020–2021)
927:(2009–2010)
908:(2008–2010)
902:(2008–2010)
884:(2007–2010)
776:Nixon shock
743:(1944–1971)
688:Pittman Act
678:(1909–1912)
661:Antecedents
431:Izzo, Phil.
187:hedge funds
2742:Categories
1449:Writedowns
1099:Vice Chair
700:Phelan Act
591:Beige Book
528:Vice Chair
228:References
191:regulation
152:collateral
138:Criticisms
113:collateral
54:collateral
1755:Tom Hayes
1652:By region
1464:Responses
1326:Sahm rule
1289:Fed model
1222:St. Louis
1182:Cleveland
1077:governors
864:FIRRE Act
830:DIDMC Act
708:(c. 1930)
622:Bank rate
553:Banknotes
533:Governors
447:Youtube.
210:aggregate
105:liquidity
62:liquidity
2595:collapse
2052:Chrysler
1664:Americas
1294:Fedspeak
1192:Richmond
1162:New York
694:Edge Act
216:See also
170:and the
46:security
1698:Oceania
1691:Iceland
1431:Impacts
1314:History
1299:Fed put
1272:Related
1212:Chicago
1202:Atlanta
1075:Current
939:(2010;
933:(2009–)
656:History
584:Reports
253:FRBNY.
64:in the
2718:(2016)
2682:(2010)
2651:(2001)
2601:(1989)
2583:(1982)
2500:(1869)
1686:Europe
1659:Africa
1399:Causes
1252:Dallas
1152:Boston
966:Chairs
957:(2024)
916:(2009)
896:(2008)
890:(2008)
878:(1999)
872:(1991)
866:(1989)
860:(1987)
854:(1987)
848:(1985)
840:(1981)
832:(1980)
826:(1978)
820:(1978)
814:(1978)
808:(1977)
802:(1977)
796:(1975)
790:(1974)
784:(1971)
778:(1971)
772:(1968)
760:(1956)
754:(1951)
732:(1934)
726:(1933)
720:(1933)
714:(1933)
702:(1920)
696:(1919)
690:(1918)
684:(1913)
672:(1908)
291:Forbes
240:FRBNY.
24:, the
1089:Chair
523:Chair
160:power
40:is a
1953:U.S.
1681:Asia
185:and
172:FDIC
38:loan
168:SEC
2744::
1948:EU
193:.
174:.
87:.
72:.
2394:e
2387:t
2380:v
2250:e
2243:t
2236:v
1637:e
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1360:e
1353:t
1346:v
1264:)
1260:(
1254:)
1250:(
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1240:(
1234:)
1230:(
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1190:(
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1160:(
1154:)
1150:(
1111:)
1107:(
1101:)
1097:(
1091:)
1087:(
943:)
663:)
659:(
504:e
497:t
490:v
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