The program, also known as TAF, was created by the Fed as an alternative to its traditional discount window, in which banks come directly to the central bank for short-term loans.

• 美联储此前创建定期拍卖工具，是作为其传统贴现窗口的一个替代。银行此前通过贴现窗口，直接从美联储获取短期贷款。