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Article: Federal Reserve pumps fund to financial system to ease credit crisis
- Article from:
- Xinhua News Agency
- Article date:
- December 19, 2007
CopyrightCopyright 2007 Xinhua News Agency. Provided by ProQuest LLC. (Hide copyright information)
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Federal Reserve pumps fund to financial system to ease credit
crisis
WASHINGTON, Dec. 19 (Xinhua) -- The Federal Reserve said on
Wednesday it is pumping 20 billion dollars into the nation's
financial system to help ease tight liquidity.
The cash infusion, will be arranged and settle on Thursday,
Dec.20, and mature on Jan. 17, said a statement released by the
Federal Reserve.
The Fed serves as the banking industry's lender of last
resort,providing money to financial institutions when other sources
of credit are difficult to obtain.
It typically buys billions of dollars worth of securities from ...