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Looks like the TSFL if bond for bond while the TAF is cash for bonds.
What are the differences between the TSLF and other Federal Reserve operations, like the TAF and term repo operations?
The Term Auction Facility (“TAF”
offers term funding to depository institutions via a bi-weekly competitive auction. In contrast, the TSLF will offer Treasury GC to the FRBNY’s primary dealers in exchange for other program-eligible collateral. The FRBNY term repo operations are designed to temporarily add reserves to the banking system via term repos with the primary dealers. These agreements are cash-for-bond agreements, unlike the bond-for-bond lending of the TSLF, which will have no impact on the aggregate level of balances available in the banking system.
http://www.newyorkfed.org/markets/tslf_faq.html
Looks like the Fed won't be having an emergency rate cut before next week won't happen and 50 - 75 is more likely than a 100 basis points reduction.
http://www.reuters.com/article/businessNews/idUSN1155656020080311
What are the differences between the TSLF and other Federal Reserve operations, like the TAF and term repo operations?
The Term Auction Facility (“TAF”
offers term funding to depository institutions via a bi-weekly competitive auction. In contrast, the TSLF will offer Treasury GC to the FRBNY’s primary dealers in exchange for other program-eligible collateral. The FRBNY term repo operations are designed to temporarily add reserves to the banking system via term repos with the primary dealers. These agreements are cash-for-bond agreements, unlike the bond-for-bond lending of the TSLF, which will have no impact on the aggregate level of balances available in the banking system.http://www.newyorkfed.org/markets/tslf_faq.html
Looks like the Fed won't be having an emergency rate cut before next week won't happen and 50 - 75 is more likely than a 100 basis points reduction.
http://www.reuters.com/article/businessNews/idUSN1155656020080311