March 7
Fed increases the term auction facility (TAF) by $40 billion. TAF was first unveiled as a temporary 28-day borrowing facility for depository banks in December to avoid the stigma of using the Discount Window.
March 11
Fed creates $200 billion new lending facility for primary dealers called term securities lending facility (TSLF). This emergency measure gives brokers liquidity for 28 days rather than overnight and is the first time non-deposit taking financial institutions have been able to borrow from the Fed since the Great Depression.
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