Fed pumps $70B into nation’s financial system

WASHINGTON – Urgently trying to keep cash flowing amid a Wall Street meltdown, the Federal Reserve on Tuesday pumped another $70 billion into the nation’s financial system to help ease credit stresses.

The Federal Reserve Bank of New York’s action came in two operations in which $50 billion and then another regularly scheduled $20 billion were injected in temporary reserves.

By JEANNINE AVERSA, AP Economics Writer
Tue Sep 16, 9:57 AM ET

Full article here: AP

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