Financial paper that is insured by the FDIC's Temporary Liquidity Guarantee Program is not excluded from relevant indexes, nor is any financial, nonfinancial, or asset-backed commercial paper that may be directly or indirectly affected by one or more of the Federal Reserve's liquidity facilities. Thus the rates published after September 19, 2008, likely reflect the direct or indirect effects of the new temporary programs and, accordingly, likely are not comparable for some purposes to rates published prior to that period.Through November 4, the documentation on the "About" page of this release indicated that paper issued under "credit-enhanced programs" was excluded from the samples of issues used to calculate reported rates. This wording was intended to convey that asset-backed commercial paper was excluded from the calculation of financial rates. Indeed, consistent with that intent, the Federal Reserve has, since 2006, published a separate rate series for asset-backed commercial paper. To avoid confusion, the reference to "credit-enhanced programs" will be dropped.
