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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 This material may not be published, broadcast, rewritten or redistributed.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 65 366 17,721
MORTGAGES 70 417 23,068
FORECLOSURE NOTICES 15 91 4,519
BUILDING PERMITS 210 932 42,157
BANKRUPTCIES 62 299 16,691
BUSINESS LICENSES 19 80 5,781
UTILITY CONNECTIONS 49 305 25,174
MARRIAGE LICENSES 16 96 5,381

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