Fed Boosts Cash Auctions to $900 Billion

-Bloomberg

The Federal Reserve will double its auctions of cash to banks to as much as $900 billion and is considering further steps to unfreeze short-term lending markets as the credit crunch deepens.

"The Federal Reserve stands ready to take additional measures as necessary to foster liquid money-market conditions," the central bank said in a statement released in Washington today.

(continues) (CNNMoney)
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