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The US Federal Reserve’s Main Street Lending facility is very different from facilities central banks traditionally operate in a time of crisis, Boston Federal Reserve President Eric Rosengren said on Friday.

“The timing for any future changes to the program depends on the nature of the term sheet,” Rosengren added. “We have seen significant pickup recently in the volume of loans, particularly in mid-sized banks.”

Market reaction

The US Dollar Index (DXY) largely ignored these comments and extended its daily rally. As of writing, the DXY was up 0.9% on the day at 93.60.