Federal Reserve creates new mechanism to ensure credit available
[WASHINGTON] Amid fears the American financial system will lock up, the Federal Reserve on Tuesday announced yet another mechanism to ensure credit will be available to US homes and businesses.
The credit facility will provide funding for up to 90 days to major financial institutions known as primary dealers, the Fed said.
"The facility will allow primary dealers to support smooth market functioning and facilitate the availability of credit to businesses and households," the central bank said in a statement.
AFP
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Chinese military drills around Taiwan have ended: state media
Are these drones too Chinese to pass US muster in an anti-China moment?
The increasing Trumpification of TikTok
Trump’s pattern of sowing election doubt intensifies in 2024
Biden’s chance to do the right thing in Gaza
Businesses in DC blame the government for the district’s empty offices