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National DigestPublished 03/28/08
Fed offers $100 billion more to banks
WASHINGTON, D.C. - The Federal Reserve will auction another $100 billion in April to cash-strapped banks as it continues to combat the effects of a credit crisis.
The central bank said today it would make $50 billion available at each of two auctions on April 7 and April 21. Through the end of March, the Fed has provided $260 billion in short-term loans to commercial banks through an innovative auction process. It also has employed Depression-era provisions to provide money to investment banks. All the moves are designed to cope with a financial crisis that has...
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