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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 This material may not be published, broadcast, rewritten or redistributed.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 73 391 11,120
MORTGAGES 88 481 13,903
FORECLOSURE NOTICES 0 0 2,278
BUILDING PERMITS 198 969 24,034
BANKRUPTCIES 54 288 8,432
BUSINESS LICENSES 29 126 3,771
UTILITY CONNECTIONS 67 536 13,457
MARRIAGE LICENSES 17 103 3,031

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