Today’s blast of term liquidity will settle the funding markets down, and allow trust to slowly be restored between borrowers and lenders. On the other hand, “the Fed’s balance sheet is about to explode.

—Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York.

These steps are being undertaken to mitigate pressures evident in the term funding markets both in the United States and abroad

—The Fed