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Message #113223 posted by forged registration (Info) March 11, 2008 20:23:56 ET
In Reply to: fed reserve auctions $130 billion posted by forged registration (Info) March 11, 2008 20:23:10 ET
U.S. Federal Reserve announces March auctions to combat credit crisis Published: Friday, February 29, 2008 | 12:17 PM ET Canadian Press: THE ASSOCIATED PRESS
WASHINGTON - The U.S. Federal Reserve says it will auction another US$60 billion in March as it continues to combat the effects of a severe credit crisis.
The central bank said Friday it will conduct two auctions in the coming month and will make $30 billion available to cash-strapped banks at each auction. One will be held on March 10, the second on March 24.
The central bank began the new auctions in December in hopes that the increased supply of cash would prompt banks to keep lending and combat the adverse effects from a severe credit squeeze.
© The Canadian Press, 2008
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