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  • In its latest step to boost financial liquidity amid an economic shock, the Federal Reserve announced late Wednesday a new program to inject liquidity into money market mutual funds. The Federal Reserve Bank of Boston will make loans to financial institutions so that they can purchase assets from money market funds, which are investment tools for families, businesses and other entities in the real economy that are suddenly straining for cash. The move follows a series of earlier Fed actions to cut interest rates and pump funds into financial markets amid a dramatic economic slowdown as the US battles the coronavirus outbreak. "Money market funds are common investment tools for families, businesses, and a range of companies," the Fed said in a statement announcing the new liquidity facility. The new program "will assist money market funds in meeting demands for redemptions by households and other investors, enhancing overall market functioning and credit provision to the broader economy." There were about $3.8 trillion in money market funds in the US as of March 11, according to the Investment Company Institute. Problems in the market contributed to the 2008 financial crisis. The US central bank also issued a rule to modify capital rules for banks so that the low risk associated with the new liquidity facility "reflects the fact that institutions would be taking no credit or market risk in association with such activities." The Fed said the Treasury Department would provide $10 billion of credit protection to the central bank in connection with the new facility. On Tuesday, the US central bank announced a new credit facility to provide funding for up to 90 days to major financial institutions known as primary dealers. vog-jmb/jm
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  • US Fed unveils program to boost money market funds
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