Fed Opens New Emergency Lending Program for Primary Dealers

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(Bloomberg) — The Federal Reserve on Tuesday opened an emergency lending program for primary dealers in yet another step aimed at keeping cash flowing into a U.S. economy shuddering under the impact of the coronavirus pandemic.

The Primary Dealer Credit Facility “will offer overnight and term funding with maturities up to 90 days and will be available on March 20, 2020,” the central bank said in a statement.

The facility will run for at least six months, the statement said, and may be extended.

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