Dollar Pump Plus

Federal Reserve announces two initiatives to address heightened liquidity pressures in term funding markets

First, the amounts outstanding in the Term Auction Facility (TAF) will be increased to $100 billion.
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Second, beginning today, the Federal Reserve will initiate a series of term repurchase transactions that are expected to cumulate to $100 billion. These transactions will be conducted as 28-day term repurchase (RP) agreements in which primary dealers may elect to deliver as collateral any of the types of securities--Treasury, agency debt, or agency mortgage-backed securities--that are eligible as collateral in conventional open market operations.