Struggling with risk
The US Fed announced on September 24 that it would shrink the Term Auction Facility by $25 billion and that the Term Securities Lending Facility will shrink to $50 billion, and then $25 billion, from $75 billion. The auctions for these two programmes have already been cut from July; the Fed has made this step in light of improved conditions in short-term funding markets. But the cuts cannot offset the Fed's commitment to further balance sheet expansion as mortgage-backed securities purchases
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