Fed re-launches Primary Dealer Credit Facility in latest crisis move

The Federal Reserve has set up a new credit line to provide primary dealers with an alternative to repo financing, it announced on March 18.

The re-established Primary Dealer Credit Facility (PDCF) aims to ease recent liquidity strains in the repo market by providing lender-of-last-resort financing for primary dealers.

The Fed set up a PDCF to deal with the global financial crisis in 2008, but the new set of measures are in many ways more easily accessible than the old ones.

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