Posted AT 10:26 AM EDT on 12/02/08
Fed pumps billions into banking system
WASHINGTON — The Federal Reserve, seeking to combat the effects of a serious credit crisis, said Tuesday it had auctioned $30-billion (U.S.) in funds to commercial banks at an interest rate of 3.010 per cent.
It marked the fifth in a series of auctions that so far have pumped $130-billion in money into the U.S. banking system in an effort to provide cash-strapped banks with extra reserves.
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