Fed Scales Back Emergency Lending Programs

By: Associated Press Email
By: Associated Press Email

WASHINGTON (AP) - The Federal Reserve says it is cutting back
several of the emergency lending programs it announced last fall at
the height of the financial crisis.

At the same time, the Fed is extending though Feb. 1, many of the programs that were set to expire Oct. 31.

The Fed is ending one program intended to support money market
mutual funds and reducing the amount that it will lend under two others for banks.

The central bank says the moves reflect its view that "financial markets have improved in recent months, but market functioning in many areas remains impaired" and likely will be "strained for some time."

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