Banks Cautious On New Loans
By
Associated Press
Published: Sun, March 16, 2008 - 9:23 pm
Last Updated: Sunday, March 16, 2008 - 9:27 pm
Last Updated: Sunday, March 16, 2008 - 9:27 pm
new steps to help provide relief to a spreading credit crisis that
threatens to plunge the economy into recession.
The central bank has approved a cut to its lending rate to
financial institutions from 3.50 percent to 3.25 percent effective
immediately. The Fed is also creating another lending facility for
big investment banks to secure short-term loans.
The Fed says the steps are "designed to bolster market
liquidity and promote orderly market functioning."
The new lending facility will be available to financial
institutions tomorrow. The Fed says it will be in place for at
least six months and "may be extended as conditions warrant."
The Fed also approved the financing arrangement announced today
by JPMorgan Chase and Bear Stearns.
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