TITLE

Fed auctions $30 billion

PUB. DATE
January 2008
SOURCE
Long Island Business News (7/1993 to 5/2009);1/18/2008, Vol. 55 Issue 3, p10A
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article reports that Federal Reserve had auctioned $30 billion in funds to commercial banks at an interest rate of 3.95 percent to fight the effects of a serious credit crisis in the U.S. Accordingly, the Federal Reserve action marked the third in a series of innovative auctions to provide cash-trapped banks with the reserves they need. The initiative aims to keep banks lending to consumers and businesses and prevent the credit turmoil that push the country into recession.
ACCESSION #
31419023

 

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