WASHINGTON — The Federal Reserve Bank of New York said Monday that institutions who wish to sell commercial paper to the central bank must register to do so by Thursday.
In its effort to jumpstart the funding market, the Fed will start buying commercial paper from banks and other businesses on Oct. 27.
The program is part of a broader shot in the arm for the credit markets. The Fed has also dramatically expanded access to the discount window to provide liquidity to banks.
The Fed will continue its purchases of commercial paper through April 30 and will disclose the level of buying each week.