Fed providing liquidity to facilitate orderly markets

The Federal Reserve said Friday it's providing liquidity "to facilitate the orderly functioning of financial markets." In a statement, the Fed said it will provide reserves "as necessary" through open market operations to promote trading in the federal funds market at rates close to 5.25%. Earlier Friday, the New York Federal Reserve said the Fed bought $19 billion in three-day repurchase agreements in mortgage-backed securities. In its statement, the Fed said banks may experience "unusual funding needs because of dislocations in money and credit markets."

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- Posted: 2007-08-10 10:22:54

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