Not MILF, you perverts — MMIFF! Its the latest Fed funding mechanism, the Money Market Investor Funding Facility:
"The Federal Reserve Board on Tuesday announced the creation of the Money
Market Investor Funding Facility (MMIFF), which will support a private-sector
initiative designed to provide liquidity to U.S. money market investors.
Under the MMIFF, authorized by the Board under Section 13(3) of the Federal Reserve Act,
the Federal Reserve Bank of New York (FRBNY) will provide senior secured funding
to a series of special purpose vehicles to facilitate an industry-supported
private-sector initiative to finance the purchase of eligible assets from
eligible investors. Eligible assets will include U.S. dollar-denominated
certificates of deposit and commercial paper issued by highly rated financial
institutions and having remaining maturities of 90 days or less. Eligible
investors will include U.S. money market mutual funds and over time may include
other U.S. money market investors."
And I said 2 to 3 trillion! How quaint . . .
Federal Reserve announces the creation of the Money Market Investor Funding Facility (MMIFF)
Federal Reserve October 21, 2008
Fed Sets Up New Program to Buy Money-Fund Assets
Bloomberg, Oct. 21 2008