The Federal Reserve's Commercial Paper Funding Facility (CPFF), a move that offers a liquidity backstop for U.S. commercial paper issuers, was launched yesterday.

The Fed said it  will set rates on a daily basis. For today, the Fed announced its rates on three-month commercial paper would be 1.89 %. For ABCP, the rate was set at 3.89 %. Yesterday it was 1.88% and 3.88%, respectively, according to the Federal Reserve Bank of New York Web site.

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