Fed introduces longer term credit to help unfreeze markets

annarborgator · Post by **annarborgator** » Wed Jul 30, 2008 9:18 am

Good times.

WASHINGTON (MarketWatch) -- The Federal Reserve announced Wednesday several steps, including longer-term credit, in its efforts to provide cash to unfreeze financial markets. The Fed said it will now offer 84-day credits in addition to 28-day loans. The central bank also announced that it has extended its loans to broker-dealers, who are also primary dealers of Treasury debt, to the end of January from mid-September. The Fed will also auction options for primary dealers to borrow Treasury securities. These options are designed to help firms navigate periods of elevated stress in markets, such as quarter-ends. The Fed said the European Central Bank and the Swiss National Bank were also adding lengthier maturities. The Fed will increase its swap line with the ECB to $55 billion to help this shift to lengthier maturities.

http://www.marketwatch.com/news/story/f ... aspx?guid={85068F55-D26F-4270-8D9A-4A0570A16D29}&dist=hplatest

TTBHG · Post by **TTBHG** » Wed Jul 30, 2008 9:20 am

Where does the line form for me to get my handout?

annarborgator · Post by **annarborgator** » Wed Jul 30, 2008 9:30 am

p.s. Isn't it about time we abolished the federal reserve?