Fed Joins with European Banks to Battle Credit Crisis

By: Associated Press Email
By: Associated Press Email

Washington (AP) The Federal Reserve in coordination with European Central Banks says it will expand a series of efforts to deal with a global credit crisis.

The Fed announced today that it's boosting the amount of emergency reserves it supplies to U.S. banks to 150 billion dollars this month. That up from the 100 billion it supplied in April. The fed took the action and several other moves to bost credit in coordination with the European central bank and the Swiss National Bank.

The latest action is part of a series of moves the Fed has made since a severe credit crisis struck last august.


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