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WASHINGTON (AP) - Fighting to ease a dangerous credit crisis, the Federal Reserve has provided a total of $260 billion in short-term loans to squeezed banks since December to help them overcome credit problems.
The central bank on Tuesday announced the results of its most recent auction — the eighth since the program started in December — where commercial banks bid to get a slice of $50 billion in short-term loans.
It's part of an ongoing effort by the central bank to provide relief to a spreading credit crunch that has unnerved financial markets. The situation threatens to push the country into a deep recession. Counting the latest auction results announced Tuesday, the Fed has provided a total of $260 billion in short-term loans to banks since December.
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