The environment for business lending continues to be difficult for business owners. Commercial paper, which is a market for business lending, continued to contract because different investment groups grew more nervous about lending to business - both large and small. Commercial paper is basically short-term debt that is sold to fund managers and investors which use the loans to underwrite day-to-day business functions.
The Federal Reserve plans to take action by stepping in and buying up large amounts of this commercial paper. The Fed will start buying up a lot of "high quality" commercial paper from managers that had limited access to the market. The shorter the term for the paper, the harder it is to purchase right now.
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