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’Fed watch – primary credit loans
Released by the US central bank on Tuesday:
In light of the continued improvement in financial market conditions, the Federal Reserve Board on Tuesday announced that it approved a reduction in the maximum maturity of primary credit loans at the discount window for depository institutions to 28 days from 90 days effective January 14,
Draft law aims to give Fed powers of direct intervention
The Federal Reserve could order a financial institution to sell a risky division or stop dangerous trading activity if the central bank determined there was a threat to the US financial system, under a draft law released on Tuesday.
[The Lehman Anniversary] The BBC’s Lehman Towers
Did the BBC mean for their dramatisation of the last days of Lehman Brothers to be utterly, cringeworthingly hilarious?
If they didn’t, they certainly did a good job making it look like they did.
In short:
Shop till you drop
The Fed’s “consumer credit outstanding” measure tumbled by a record $21.6bn in July. Here’s what that drop looks like in graphic terms:
(H/T Marc Ostwald at Monument Securities)