The development of the Term Deposit Facility is an issue of prudent planning and should have implications for the near-term conduct of monetary policy.

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On a side note: It is my hope that the Federal Reserve could find a way to use the funds received from the Term-Deposit facility program and re-purpose them through a different transmission mechanism that reaches the broader economy.

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However, when central banks pay interest on reserves or a deposit facility, this interest rate is rarely the one used to set the target for short-term private sector borrowing rates.

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