the FED Balance sheet

The rise was all the more worrying as it came despite an extraordinary expansion of credit by the central banks. Analysts at BNP Paribas noted the Federal Reserve alone had expanded its balance sheet by an astonishing 49 per cent in the past three weeks, taking its assets to $1,390bn.
It also broke with tradition to lend to companies directly by buying unsecured commercial paper.

”This is very important, because it means that the Fed has crossed the Rubicon of unsecured lending,” said Stephen Stanley, chief economist at RBS Greenwich Capital.

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