Fed increases auction offerings by 50%

01/7/2008 | Chicago Tribune (tiered subscription model)

The Federal Reserve will increase the amount of money available to banks through a new auction process offered at each of the next two auctions from $20 billion to $30 billion. On Friday, the Fed renewed its pledge to continue the auctions, which are its main tool in combating the credit crunch, for "as long as necessary."

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