Fed extends money market funding scheme

The Federal Reserve has expanded its Money Market Investor Funding Facility (MMIFF) to include a wider range of money market investors. The US central bank also plans to lower the minimum yield on assets eligible to be sold to the facility.

The programme was initially designed to provide assistance solely to money market funds. It will now allow US-based securities lending cash collateral reinvestment funds, securities lenders and US-domiciled investment funds to take advantage of the facility.

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