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Home > Waco Breaking News > Archives > 2008 > May > 20 > Entry

Fed auctions $75 billion to ease credit stresses

By Ken Sury | Tuesday, May 20, 2008, 09:12 AM

The Federal Reserve has auctioned another $75 billion in loans to squeezed banks in an effort to relieve stressed credit markets.

The central bank today announced the results of its most recent auction — the 12th — since the program to help banks overcome credit problems started in December. Since then, the Fed has auctioned $510 billion.

It’s part of an ongoing effort by the Fed to help ease the credit crunch, which erupted last August and hit a crisis point in March with the near collapse and forced sale of Bear Stearns, the nation’s fifth-largest investment house, to JP Morgan Chase & Co.

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