No surprise here. The Fed is extending some of its lending facilities which were set to expire on January 30th to April 30th. Across the Curve had a nice take on the money markets and the Fed’s support thereof. Be sure and read the last sentence which goes to the issue of reducing these support facilities.

My take on it. They might as well have extended it indefinitely. This a road with not a lot of room for U-turns.

more: NYT, Across the Curve