FXNEWS - Fed creates commercial paper buying facility
Tue, Oct 7 2008, 13:33 GMT
http://www.afxnews.com
- The U.S. Federal Reserve on Tuesday announced the creation of a special-purpose facility with the Treasury Department's blessing to begin buying commercial paper in yet another emergency move aimed at calming chaotic financial markets. The Fed said it was acting because money market mutual funds and other investors have become increasingly reluctant to buy commercial paper, which is widely issued to fund day-to-day business operations. See [ID:nN07426060].
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