Tuesday, October 21, 2008 | 09:56 AM

Not MILF, you perverts -- MMIFF! Its the latest Fed funding mechanism, the Money Market Investor Funding Facility:

"The Federal Reserve Board on Tuesday announced the creation of the Money Market Investor Funding Facility (MMIFF), which will support a private-sector initiative designed to provide liquidity to U.S. money market investors.

Under the MMIFF, authorized by the Board under Section 13(3) of the Federal Reserve Act, the Federal Reserve Bank of New York (FRBNY) will provide senior secured funding to a series of special purpose vehicles to facilitate an industry-supported private-sector initiative to finance the purchase of eligible assets from eligible investors.  Eligible assets will include U.S. dollar-denominated certificates of deposit and commercial paper issued by highly rated financial institutions and having remaining maturities of 90 days or less.  Eligible investors will include U.S. money market mutual funds and over time may include other U.S. money market investors."

And I said 2 to 3 trillion! How quaint . . .


Federal Reserve announces the creation of the Money Market Investor Funding Facility (MMIFF)
Federal Reserve October 21, 2008

Fed Sets Up New Program to Buy Money-Fund Assets
Craig Torres
Bloomberg, Oct. 21 2008

Tuesday, October 21, 2008 | 09:56 AM | Permalink | Comments (44) | TrackBack (0) add to | digg digg this! | technorati add to technorati | email email this post



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Posted by: I-Man | Oct 21, 2008 10:06:37 AM

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