Despite unprecedented actions by The Fed:
The FOMC expanded its large scale asset purchase program by promising to purchase 'in the amounts needed.' Previously, the FOMC had said it would purchase at least $500bn of Treasury securities and at least $200bn of agency MBS. The FOMC also announced that the agency MBS purchases will include agency commercial MBS.
The Fed also made CPFF more generous in terms of pricing and opened CPFF and MMLF to a wider set of assets.
The Board of Governors relaunched the Term Asset-Backed Securities Loan Facility (TALF), providing loans in exchange for ABS.
Two novel facilities are the Primary Market Corporate Credit Facility (PMCCF) and the Secondary Market Corporate Credit Facility (SMCCF). We are likely to see an increased contribution by the Treasury Department to these facilities once the big fiscal stimulus has been signed.
The dollar funding crisis is rapidly re-accelerating as month-end looms... having erased all of the 'improvement' offered by The Fed...