New York Fed Releases Additional MMIFF Details. The website says, "The Federal Reserve Bank of New York on Monday announced it would begin funding purchases of eligible money market instruments on or about November 24, 2008 through the previously announced Money Market Investor Funding Facility (MMIFF). Additionally, the frequently asked questions and terms and conditions documents have been revised to provide further details, including enrollment information for eligible investors. The Federal Reserve Board authorized the MMIFF on October 21, 2008 to support a private-sector initiative designed to provide liquidity to U.S. money market investors. The MMIFF is intended to improve liquidity in short-term funding markets and thereby increase the availability of credit." Click here for MMIFF Terms and Conditions and here for MMIFF FAQs. Also, see WSJ's "Fed Delays Its Big Plan to Shore Up Money Funds". In other news, see USA Today's "Reserve fund's woes undercut mantra of safety, liquidity" and "Primary Fund shareholders put in a bind", as well as Reuters "Money fund groups calls for global liquidity fix".
