This is where the Fed switches from buying short-term Treasury securities to buying long-term ones in a bid to push down long-term yields without increasing its balance sheet.
Despite an ongoing criminal investigation into BPI and worries about the strength of its balance sheet, Mr Fazio gave the bank his approval to proceed with the bid.
But, given the recent defensive fragility that has undermined his side's title bid, City boss Roberto Mancini will no doubt be satisfied to have a clean sheet to go with the three points that keep the Blues in touch at the top of the table.
The main difference and the predominant reason for the current EUR bid market is the perception that the ECB is actually paying down debt on its balance sheet.