Federal Reserve: Announces its bank term funding program will cease making new loans as scheduled on March 11Adjusts interest rate on new BTFP loans to be no lower than interest rate on reserve balances on day loan was madeNew rate on BTFP loans effectively increases rate by nearly 50 bps; change is effective immediatelySays change to BTFP rate ensures the program continues to support its goals in current rate environment---The TL/DR on this is that the BTFP program had been open to arbitrage abuse, involving borrowing at a lower rate using high-quality collateral and potentially investing or lending that capital at a higher rate. ---The Federal Reserve's Bank Term Funding Program (BTFP) wa
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