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The Treasury Department and the Federal Reserve took a major step Tuesday to support strained commercial paper markets.
As speculated, the central bank said it was creating a special facility to help the $1.7 trillion commercial paper market.
The Commercial Paper Funding Facility will buy unsecured and asset-backed commercial paper directly from eligible issuers.
Some pundits are saying this could be the final piece of the puzzle because credit cards and auto loans will be among the financial instruments covered. Prior to now, the fear had been consumers were so weak that some might leave credit card bills unpaid while other might simply abandon car loans. In theory, the move by the Fed reduces that risk.
And that leads to our Fast Money Reader Poll. Do you think the Fed's move is the last piece in the puzzle needed to thaw frozen credit markets?
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CNBC.com with wires
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