Fed may extend Wall Street lending |
| Reuters - Jul 8, 2008 |
Federal Reserve Chairman Ben Bernanke said on Tuesday the U.S. central bank may keep an emergency lending facility for big Wall Street firms open longer than it initially intended, a signal the Fed is fearful of shutting down a vital backstop.
Credit costs have been driven higher and U.S. economic growth also has been hurt by market turmoil, Bernanke said at a forum sponsored by the Federal Deposit Insurance Corp.
"We are currently monitoring developments in financial markets closely and considering several options, including extending the duration of our facilities for primary dealers beyond year-end, should the current unusual and exigent circumstances continue to prevail in dealer funding markets," Bernanke said.
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- Posted: 2008-07-08 21:16:41
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