U.S. Federal Reserve to auction another $100 billion to banks in April
Published March 29th, 2008
The Federal Reserve will auction another 100 billion dollars in April, continuing its efforts to deal with the effects of a credit crisis, the U.S. central bank announced Friday.
Two auctions will be held, on April 7 and 21 respectively, and each offers 50 billion dollars, the Fed said in a press release.
The Fed has held eight auctions so far aimed at injecting more money into the banking system since mid-December last year, when it established its Term Auction Facility to deliver short-term funds to banks that are in need of liquidity.
Two auctions each in December, January, February and March provided a total of 260 billion dollars in extra reserves through short-term loans to cash-strapped banks.
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