The facility will deploy $9 of Fed loans for every dollar of TARP funds—the central bank can in effect print money at will.

这个工具将把用于问题资本拯救计划的美联储贷款的每一个美元扩展为9美元—中央银行能随意的印制美元。

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The Fed will also extend loans to Banks to buy asset-backed commercial paper from money-market funds that face redemptions.

美联储也会从货币市场买入面临赎回的有资产背景的商业票据，这相当于美联储扩大贷款范畴到银行业。

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The Fed also shortened the term of some discount window loans and raised the minimum bid in the term auction facilities it USES to supply overnight funds to Banks.

美联储还缩短了部分贴现窗口贷款期限，并提高了向银行提供隔夜资金的短期拍卖工具(term auction facilities)最低竞价。

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For this reason, ad hoc responses will still be critical, such as last week's federal guarantees for money-market funds, Fed loans to banks to buy asset-backed commercial paper and, on Sunday, approval of the remaining two big independent investment banks, Morgan Stanley and Goldman Sachs, to become Fed-regulated bank holding-companies whose investment bank units can now borrow from the Fed on the same terms as other banks.

ECONOMIST: The financial crisis

When the Fed makes loans or acquires securities, the funds enter the banking system and ultimately appear in the reserve accounts held at the Fed by banks and other depository institutions.

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The Fed cut its target on federal funds, the overnight interbank loans that form the floor rate for U.S. lending, to just 0.25%, down 75 basis points from the previous 1.0% level.

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