/  8
 
 
 Jun
5 10 15 20 25 30
 Jul
5 10 15 20 25 30
Aug
5 10 15 20 25 30
Sep
5 10 15 20 25 30
Oct
5 10 15 20 25 30
Nov
5 10 15 20 25 30
 Jun
5 10 15 20 25 30
 Jul
5 10 15 20 25 30
Aug
5 10 15 20 25 30
Sep
5 10 15 20 25 30
Oct
5 10 15 20 25 30
Nov
5 10 15 20 25 30
    F   e    d    P   o    l    i   c   y    A   c    t    i   o   n   s    O    t    h   e   r    P   o    l    i   c   y    A   c    t    i   o   n   s    M   a   r    k   e    t    E   v   e   n    t   s
Financial Turmoil Timeline
(June 2007 - November 2007)
28-Jun
FOMC main-tains the targetfed funds rateat 5.25%
9-Aug
BNP Paribasfreezes threefunds afteran inabilityto value sub-prime mortgagebased assets
26-Jun
SEC beginsinvestigationof 12 CDOissuers
17-Jul
Fed, OTS, FTC,and stateagencieslaunch newprogram tosupervisesubprimemortgagelenders
31-Oct
FOMC lowerstarget fed fundsrate 25 bp to4.5%
13-Sep
Northern Rock receives emerg-ency loan fromthe Bank of England
16-Oct
Citigroupbegins astring of major bank writedownsbased onsubprimemortgagelosses
27-Nov
Citigroupraises $7.5billion fromthe AbuDhabiInvestmentAuthority
10-Oct
Paulson makesstatement on“private sectoralliance” toprevent mort-gage default
2-Nov
Fed approvesBasel II
7-Aug
FOMC main-tains the targetfed funds rateat 5.25%
10-Aug
Fed issuesstatementthat is standsready to pro-vide liquidityvia the discountwindow
17-Aug
Spread betweenthe primarycredit rate andthe target fedfunds rate isreduced to 50 bp
18-Sep
FOMC lowerstarget fed fundsrate 50 bp to4.75%
Click on any event for further information. This timeline is updated on the first of every month. If you encounter broken links or have other feedback, please email jeffrey.shrader@ny.frb.org.
 
 
Dec
2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
 Jan
2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
Feb
2 4 6 8 10 12 14 16 18 20 22 24 26 28
Dec
2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
 Jan
2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
Feb
2 4 6 8 10 12 14 16 18 20 22 24 26 28
    F   e    d    P   o    l    i   c   y    A   c    t    i   o   n   s    O    t    h   e   r    P   o    l    i   c   y    A   c    t    i   o   n   s    M   a   r    k   e    t    E   v   e   n    t   s
Financial Turmoil Timeline
(December 2007 - February 2008)
11-Dec
FOMC lowerstarget fed fundsrate 25 bp to4.25%
29-Jan
Rating agenciesthreaten todowngradeAmbac Financialand MBIA, twomajor bondinsurers
28-Jan
EconomicStimulus Actof 2008proposed
28-Jan
EconomicStimulus Actof 2008signed intolaw
12-Dec
 Term AuctionFacility (TAF) isannounced andswap lines areestablished withthe ECB and SNBfor $20b and $4brespectively
21-Dec
Fed extends TAF auctions“for as long asnecessary toaddress elev-ated pressuresin short-termfundingmarkets”
17-Dec
 The rst TAFauction takesplace for $20bof 28-day credit
22-Jan
FOMC lowerstarget fed fundsrate 75 bp to3.5%
30-Jan
FOMC lowerstarget fed fundsrate 50 bp to3%
1-Feb
 TAF auctionsize increasedto $30b everytwo weeks
17-Feb
Britain nation-alizes NorthernRock 
Click on any event for further information. This timeline is updated on the first of every month. If you encounter broken links or have other feedback, please email jeffrey.shrader@ny.frb.org.
 
 
Mar
2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
Apr
2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
May
2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
 
 
Mar
2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
Apr
2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
May
2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
    F   e    d    P   o    l    i   c   y    A   c    t    i   o   n   s    O    t    h   e   r    P   o    l    i   c   y    A   c    t    i   o   n   s    M   a   r    k   e    t    E   v   e   n    t   s
Financial Turmoil Timeline
(March 2008-May 2008)
7-Mar
SEC proposesa ban onnaked shortselling
19-Mar
Fannie Maeand FreddieMac capitalrequirementsare eased toallow forincreases inlending
13-Mar
Bear Stearnsreports a$15b (88%)drop inliquid assets
11-Mar
 Term SecuritiesLending Facility(TSLF) isintroducedand swaplines with theECB and SNBare increased
14-Mar
Fed approv-es purchaseof BearStearns byJPMorgan
18-Mar
 Target fedfunds rateis lowered75 bp to2.25%
30-Apr
 Target fedfunds rateis lowered25 bp to 2%
2-May
 TSLF eligiblecollateralexpands toinclude AAArated ABS
2-May
 TAF andswap linesincrease
16-Mar
 The spreadbetweenthe primarycredit rateand targetfed fundsrate is cutto 25 bp
16-Mar
PrimaryDealerCreditFacility(PDCF) iscreated
14-Mar
Bear Stearnsreceivesemergencylending fromthe Fed viaJPMorgan
16-Mar
JPMorganannouncesit will purchaseBear Stearns for$2 per share
24-Mar
JPMorgan’spurchase pricefor Bear Stearnsincreases to$10/share
Click on any event for further information. This timeline is updated on the first of every month. If you encounter broken links or have other feedback, please email jeffrey.shrader@ny.frb.org.

Crisis Timeline

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JosephWeisenthal

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