So a lot of signs pointing to near-term.........>

FED: So a lot of signs pointing to near-term action from the Fed, perhaps as

soon as today (per CNBC`s Eamon Javers) on short-term credit for businesses. 

- Relaunching the Commercial Paper Funding Facility (CPFF) may be most imminent,

with significant strains being seen (as noted by FOMC voter Kashkari in a CNBC

appearance this morning). 3-month CP trading at 98.5bps wides of Tbills, highest

since 2009. Fed explainer:

https://www.federalreserve.gov/regreform/reform-cpff.htm

- CPFF was first launched in 2008, and involved 3-month loans to a limited

liability company to buy CP direct from issuers. MANY sell-side participants and

dealers talking about such a relaunch given severe stresses seen in CP markets

in recent days (Some sell-side expected CPFF restart as early as Sunday.) At the

2009 peak the Fed had $350bln in CP holdings (total CP market size is over

$1.1trn currently).

- Appears to require Treasury approval under 13-3 regulations - very likely.

- Term Asset-backed Loan Facility (TALF) also will possibly see the light of day

again; was set up in 2008 to lend against ABS collateral.