TALF benefits for ABS have mostly run out, investors say

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TALF benefits for ABS have mostly run out, investors say

Federal Reserve 575 373
A general view of the Marriner S. Eccles Federal Reserve Board Building in Washington, D.C. on July 22, 2019. Next week the Federal Reserve's Board of Governors will meet to determine interest rate levels – Chairman Jerome Powell has hinted rate cuts may be on the way, as President Trump has repeatedly called for rate cuts. (Graeme Sloan/Sipa USA) | Graeme Sloan/SIPA USA/PA Images

The Federal Reserve’s Term Asset Backed Securities Loan Facility succeeded in boosting investor confidence and providing a backstop to further spread widening, but sources say that key limitations in the scope of the programme, even with the most recent expansion last week, mean that the benefits have mostly already been felt.

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