Did you get this memo:
Quote:
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In addition, the Federal Open Market Committee authorized an expansion of the collateral that can be pledged in the Federal Reserve's Schedule 2 Term Securities Lending Facility (TSLF) auctions. Primary dealers may now pledge AAA/Aaa-rated asset-backed securities, in addition to already eligible residential- and commercial-mortgage-backed securities and agency collateralized mortgage obligations, beginning with the Schedule 2 TSLF auction to be announced on May 7, 2008, and to settle on May 9, 2008.
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That bit in bold is jargon for investment-grade consumer paper (auto loans and credit cards). So, the Fed is now accepting credit card loans as collateral for Treasuries.
Now, when will they accept auth codes as collateral?
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