WASHINGTON (AP) -- Hoping to deliver a counter-punch to the global credit crisis, the Federal Reserve today pumped billions of dollars into financial markets in the U.S. and abroad.
The Federal Reserve Bank of New York, in two operations, injected 55 billion dollars into temporary reserves in the United States. The move is meant to help ease a strained financial system in danger of freezing up.
Hours earlier, the Fed worked with other central banks, by stepping up action to ease the intensifying crisis that erupted just over a year ago. They banded together to flood global markets with dollars. All told, the Fed increased lines of cash to central banks by 180 billion to 247 billion dollars.
Working with the Fed in the coordinated action were the European Central Bank, the Swiss National Bank, the Bank of Japan, the Bank of England and the Bank of Canada.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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