brewer12345
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Mar 6, 2003
- Messages
- 18,085
Looks like someone finally bought the Fed a clue.
Dec. 12 (Bloomberg) -- The Federal Reserve plans to ease
``elevated'' short-term funding pressures by injecting cash to
banks through auctions and providing $24 billion in currency swap
lines to the European and Swiss central banks.
The Fed is coordinating the measures with the European
Central Bank, Bank of England, Bank of Canada and Swiss National
Bank, the Fed said in a statement in Washington. The Fed will
auction term funds to banks against a ``wide variety of
collateral.'' All ``generally sound'' institutions can
participate, the statement said.
The central banks are taking the steps after demand for cash
sent borrowing costs climbing. The Fed's previous attempts to
ease the credit squeeze that began in August have failed to have
lasting effects. One gauge watched by central bankers, the three-
month dollar London Interbank Offered Rate, rose to 5.15 percent
a week ago, the highest in almost two months.
Dec. 12 (Bloomberg) -- The Federal Reserve plans to ease
``elevated'' short-term funding pressures by injecting cash to
banks through auctions and providing $24 billion in currency swap
lines to the European and Swiss central banks.
The Fed is coordinating the measures with the European
Central Bank, Bank of England, Bank of Canada and Swiss National
Bank, the Fed said in a statement in Washington. The Fed will
auction term funds to banks against a ``wide variety of
collateral.'' All ``generally sound'' institutions can
participate, the statement said.
The central banks are taking the steps after demand for cash
sent borrowing costs climbing. The Fed's previous attempts to
ease the credit squeeze that began in August have failed to have
lasting effects. One gauge watched by central bankers, the three-
month dollar London Interbank Offered Rate, rose to 5.15 percent
a week ago, the highest in almost two months.