[JPMorgan Chase: The Federal Reserve’s emergency lending program will provide $2 trillion in liquidity]

JPMorgan Chase said the Federal Reserve's emergency lending program could inject up to $2 trillion into the U.S. banking system to ease the liquidity crunch. “Utilization of the Fed’s Bank Term Financing Program is likely to be significant,” strategists including Nikolaos Panigirtzoglou wrote. While the largest banks are unlikely to take advantage of the program, the program envisions a maximum use of nearly $2 trillion, which would is the par amount of bonds held by U.S. banks other than the five largest banks." Although there are still $3 trillion in reserves in the U.S. banking system, a large portion of these are held by large banks. They said the tightening in liquidity was due both to the Fed's quantitative tightening and to a shift in funds from bank deposits to money market funds due to higher interest rates.