$75 billion on the Way to Rescue the Failing Bull

Reuters
Fed, central banks act on credit needs
Thursday March 27, 1:42 pm ET
By Richard Leong and Krista Hughes


NEW YORK/FRANKFURT (Reuters) - The U.S. Federal Reserve prepared to pump $75 billion into frozen credit markets following moves by European central banks on Thursday to help lenders who scrambled to meet quarter-end funding needs.

The Fed was ready to exchange billions in low-risk U.S. government bonds for underperforming mortgage investments from primary dealers as part of steps announced this month to help them raise capital and to encourage broader lending.

http://biz.yahoo.com...kets_money.html

Edited by redfoliage2, 27 March 2008 - 01:39 PM.

"The Fed was ready to exchange billions in low-risk government bonds For underperforming mortgage investments." That's the way the money goes Pop Goes The Weasel.

Edited by milbank, 27 March 2008 - 02:05 PM.