Free Trial

MNI BRIEF: Fed's Main Street Ceasing Purchases In December

(MNI) WASHINGTON
(MNI)

The Boston Fed on Wednesday signaled it will not be able to process Main Street program loans in time submitted beyond mid-December.

The Main Street Lending Program, jointly run with the Treasury Department, will likely not be able to process loans submitted after Dec. 14 to meet the year-end termination of the program, according to the Boston Fed, which administers the program. Former Fed officials have told MNI the facility could be reopened and expanded if ex-Federal Reserve Chair Janet Yellen were to be confirmed as Treasury secretary.

Lenders not yet registered with Main Street should initiate registration on or before Dec. 4, the central bank said, and it will stop issuing commitment letters as of Dec. 23.

MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.