And on August 21, the Federal Reserve Bank of New York announced some temporary changes to the terms and conditions of the System Open Market Account securities lending program, including a reduction in the minimum fee, in an effort to facilitate lending of securities by the Fed to address heightened safe-haven demands for Treasury securities.
These actions appeared helpful in mitigating some of the strains in financial markets, but financial market functioning had not returned to normal by the time of the September FOMC meeting.