$75 billion auctioned to ease credit stress

July 2, 2008

The Federal Reserve has auctioned another $75 billion in loans to squeezed banks to help them overcome credit problems and announced that it will provide a fresh batch of the loans this month. The central bank released the results yesterday of its most recent auction - the 15th since the program began in December. It is part of a continuing effort to ease financial turmoil and credit stresses.