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Posted AT 3:24 PM EST on 27/03/08

Fed auctions $75-billion of securities

The Associated Press

WASHINGTON — Big investment houses took the U.S. Federal Reserve Board up on its first-time offer Thursday to let them borrow Treasury securities, the latest effort to ease a painful credit crisis. The Fed auctioned $75-billion (U.S.) worth of Treasury securities. Bidders paid an interest rate of 0.330 per cent. Demand was high. The Fed received bids of $86.1-billion worth of the securities.

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