Federal Reserve response to the Global Financial Crisis (2007-2014)

1. Fed creates Term Auction Facility (TAF)

   Dec 12, 2007Labels: Term Auction, Federal Reserve

   • Fed Appendix
   • Fed Release

2. Fed increases TAF and adds term repos

   Mar 7, 2008Labels: Term Auction, Repurchase operations

   • Fed Release

3. New York Fed launches Term Securities Lending Facility

   Mar 11, 2008Labels: Term Securities, New York

   • NY Fed
   • Fed MPR

4. Fed establishes Primary Dealer Credit Facility

   Mar 16, 2008Labels: Primary Dealer, Federal Reserve

   • NY Fed
   • Fed MPR

5. Fed creates Maiden Lane LLC for Bear Stearns

   Mar 24, 2008Labels: Maiden Lane, New York

   • Fed Reform

6. Fed announces Asset-Backed Commercial Paper facility (AMLF)

   Sep 19, 2008Labels: Asset-Backed Commercial, Federal Reserve

   • Fed Release
   • Fed AMLF

7. Fed expands dollar liquidity actions with major central banks

   Oct 13, 2008Labels: Federal Reserve, Central banks

   • Fed Release

8. Fed authorizes Commercial Paper Funding Facility (CPFF)

   Oct 14, 2008Labels: Commercial Paper, Federal Reserve

   • Fed Release

9. Fed announces initial agency MBS and GSE debt purchases

   Nov 25, 2008Labels: Agency MBS, GSE debt

   • Fed Annual
   • PBS News

10. Fed sets near-zero federal funds rate range

    Dec 16, 2008Labels: Federal Open, Federal funds

    • Fed Minutes

11. Fed expands asset purchases and begins Treasury buying

    Mar 18, 2009Labels: Large-scale asset, Federal Reserve

    • Fed Minutes
    • Fed Materials

12. Fed launches QE2 Treasury purchase program

    Nov 3, 2010Labels: QE2, Federal Reserve

    • Fed Materials
    • NY Fed

13. Fed announces Maturity Extension Program (“Operation Twist”)

    Sep 21, 2011Labels: Maturity Extension, Operation Twist

    • Fed FAQ
    • Fed Materials

14. Fed starts open-ended MBS purchases (QE3)

    Sep 13, 2012Labels: QE3, Mortgage-backed securities

    • Bloomberg
    • NY Fed

15. Fed adds $45B/month Treasuries and adopts thresholds

    Dec 12, 2012Labels: Treasury purchases, FOMC guidance

    • NY Fed
    • Fed Minutes

16. Fed begins tapering asset purchases

    Dec 18, 2013Labels: Tapering, Federal Reserve

    • Fed Minutes
    • Washington Post

17. Fed ends quantitative easing asset purchases

    Oct 29, 2014Labels: End of, Federal Open

    • Central Banking