How will we offset the reserve impact of PDCF loans?

我们应该怎样对冲定期债券借贷安排带来的储备金影响？

youdao

Loans made under the PDCF were secured by collateral and discounted to protect the Fed from risk of loss should it have had to sell collateral in the event of a default.

通过一级交易商信贷便利发放的贷款，都有抵押品担保，并且进行了贴现，这样一来，万一发生违约，而美联储不得不卖出抵押品时，美联储可以避免承担损失风险。

youdao

What the PDCF is it's really an extension of the discount window beyond member banks.

一级交易商信贷工具是,对会员银行贴现窗口的一种扩展。

耶鲁公开课 - 金融市场课程节选

A few days ago--ten days ago PDCF and that's called the PDCF.

就几天前-十天前,也简称为。

耶鲁公开课 - 金融市场课程节选