JPMorgan, Citi Left Out as Fed Began Historic Debt Rescue (1)

The two largest U.S. bond-trading firms were caught off guard as the Federal Reserve began its most unusual action yet to prop up global markets.

JPMorgan Chase & Co. and Citigroup Inc. didn’t make the list of dealers trading with the Fed as it embarked on a historic purchase of exchange-traded funds backed by company debt. Though the Fed unveiled its plans in March, its push over the last week to get the facility up and running left many scrambling and the pair of giant firms still sorting through paperwork as it kicked off, according to people with knowledge of ...