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VOL. 123 | NO. 43 | Monday, March 03, 2008

Fed Announces March Auctions to Combat Credit Crisis

By MARTIN CRUTSINGER | AP Economics Writer

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WASHINGTON (AP) - The Federal Reserve says it will auction another $60 billion in March as it continues to combat the effects of a severe credit crisis.

The central bank said Friday it will conduct two auctions in the coming month and will make $30 billion available to cash-strapped banks at each auction. One will be held on March 10, the second on March 24.

The central bank began the new auctions in December in hopes that the increased supply of cash would prompt banks to keep lending and combat the adverse effects from a severe credit squeeze.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 103 297 12,923
MORTGAGES 108 330 16,800
FORECLOSURE NOTICES 6 26 3,316
BUILDING PERMITS 363 525 28,219
BANKRUPTCIES 77 216 10,706
BUSINESS LICENSES 37 85 4,289
UTILITY CONNECTIONS 159 375 16,724
MARRIAGE LICENSES 20 75 3,766

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