The options also are for a shorter maturity, so you can lock in for the days surrounding the stress date rather than need to have it outstanding for 28 days. So this is another opportunity to manage your risk just around those dates.

You will also be bidding at a premium, so it will cost you to lock that in.

Thanks, Bill. We will propose auctioning the options in two $25 billion offerings. This will allow dealers to adjust their bidding behavior in response to the first auction results. The first TSLF options program (TOP) auction is currently anticipated during the week of September 1 for the option to lock ...

Thanks, Bill. Should the Committee approve the proposal for the TSLF, we intend to announce tomorrow to the public the total program size envisioned as of today—as Bill mentioned, up to $200 billion. It will consist of $100 billion against pledges of OMO-eligible collateral and $100 billion against pledges ...

No. This situation has arisen only around the FOMC meetings; it is just in the maintenance period encompassing a meeting when this sort of activity begins. In the previous period of this intermeeting interval we were, as you know, close to the 1½ percent objective. But as soon as we ...