By JEANNINE AVERSA (AP) – 44 minutes ago
WASHINGTON — The Federal Reserve on Thursday said it is further scaling back two emergency lending programs as the economy improves.
The Fed will reduce the amount of money available to banks in short-term loans under a program called the Term Auction Facility, or TAF.
The Fed also is cutting back on a program where investment firms can temporarily swap risky securities for super-safe Treasury securities.
The actions respond to "continued improvements in financial market conditions," the Fed said.
A separate report Thursday from banking regulators found deteriorating credit quality in a snapshot of high-risk loans. The annual report found $642 billion worth of mostly large business loans at risk of falling into default or already in default at the end of last year, the highest level on records dating to 1977.
(Risk on! -AM)
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