Fed decides to continue a program for other central banks

During the financial crisis, the Federal Reserve launched a program that allows foreign central banks to borrow U.S. dollars. Amid fresh financial woes in Europe, the Fed has decided to extend the program through August. It was poised to expire next month. "It was premature to allow these arrangements to expire, particularly given the sovereign-debt situation in Europe," said Dana Saporta, an economist at Credit Suisse.

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Wall Street Journal (tiered subscription model), The · Global Financial Strategy

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