In an effort to boost liquidity in the system and reverse the ongoing and persistent credit freeze, the Fed is increasing TAFs again to $150 billion in 28-day cycles and $150 billion in $84 day cycles, which will bring TAFs to an even $300 billion.
Before today, to my knowledge there was $75 billion in 28-day cycles, and $75 billion in 84-day cycles. So today's action increased TAF funding by $150 billion. This action brings the Fed's cycling liquidity to $1160 billion both domestically and off shore, summing up all the citations I've found from news sources.
We'll see if this unfreezes markets. When a system is credited out, no amount of cheap liquidity is going to increase lending.
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