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Message #113222 posted by forged registration (Info) March 11, 2008 20:23:10 ET
Federal Reserve auctions another US$30 billion to combat credit crisis
Published: Tuesday, February 12, 2008 | 11:09 AM ET
Canadian Press: THE ASSOCIATED PRESS
WASHINGTON - The U.S. Federal Reserve has auctioned another US$30 billion in funds to commercial banks in an effort to combat a severe credit squeeze in the United States.
The latest batch of cash brought an interest rate of just over three per cent, down slightly from the previous auction.
It marked the fifth in a series of auctions that so far have pumped $130 billion in money into the country's banking system in an effort to provide cash-strapped banks with extra reserves. Other central banks around the workd, including the Bank of Canada. have made similar moves to increase liquidity.
The Fed's hope is that the increased resources will keep banks lending and prevent a severe credit squeeze from making the current economic slowdown worse.
© The Canadian Press, 2008
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