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Federal Reserve Stalls Money Market Fund Bailout

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The Federal Reserve Board said November 10 that is delaying until November 24 its program under which JP Morgan Chase will purchase up to $540 billion in short-term debt instruments to prop up the once inviolate, now troubled, money-market fund business. The program, known as the money market investor funding facility, or MMIFF, was expected to be in place by the week of November 3 in order to allow money market funds to meet the redemption needs of the funds’ investors.