The Federal Reserve cannot cure all of the market’s problems by itself, but it seems to be trying very hard. In a previous alert, we discussed the new Term Auction Facility (TAF). Depository institutions submitting winning bids are granted a 28-day collateralized credit facility by their Reserve Bank—the same collateral that could be used to support overnight credit at the Discount Window. The Fed also announced temporary reciprocal currency arrangements (swap lines) with the European Central Bank and Swiss National Bank. On March 7, the Fed announced it would increase the TAF from $30 to $50 billion and that the System Open Market Account would enter into $100 billion in 28-day term repurchase agreements. Now, the Federal Reserve has gone a step further.