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Federal Reserve?s first credit auction a hit

Staff Reporter 1 minute read

The Federal Reserve received strong interest from financial institutions this week from its first short-term credit auction, designed to ease the strain on the credit markets.

The auction, which offered $US20 billion ($A23.3 billion) in 28-day loans at a reduced rate of 4.65 per cent, attracted bids from 93 financial institutions the Federal Reserve revealed.

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Coordinated with central banks around the world to address liquidity concerns, the auction is the first in a series of four.

Federal Reserve?s first credit auction a hit
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