The Fed is currently undertaking one of the trickiest projects it has ever taken on: lending $600 billion directly to companies that need it.

It’s an area where the Fed hasn’t really ventured, as the WSJ points out, and one that puts them far closer to the realm of directing fiscal policy in the country than they have ever been.

In other words, it’s a political and financial headache – even for the Fed. 



Read more…