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The commercial paper market is suffering, too.
He also said the commercial paper market was not improving.
securities, paying for them with money borrowed in the commercial paper market.
Still, that decrease was the smallest since the commercial paper market began contracting in mid-August.
"I'd have appreciated it if she said the commercial paper market is fragile," Mr. Gross said.
The Fed has been willing to buy debt on the commercial paper market without solid collateral.
Similar(7)
The commercial-paper market was on the brink of destruction.
And the commercial-paper market similarly immediately plummeted.
The commercial-paper market slowly came back to life and, with it, the credit markets.
True, the troubled commercial-paper market has not noticeably improved (see chart overleaf).
In fact, $1.6 trillion is the size of the entire commercial-paper market.
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