No Hike Won't Hurt …
BentinPartner Weekly Last week alone, the Fed put back on its balance sheet some USD303bn, split evenly between the use of the discount window (emergency fed lending) and the use of the new credit facility put in place last Sunday (Bank Term Funding Program or BTFP) to ease the pressure off regional banks by allowing them to pledge previously “held till maturity” bonds in a bridge loan facility (with par lending value). In addition to the spiraling down of First Republic (a r