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VOL. 123 | NO. 43 | Monday, March 3, 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 This material may not be published, broadcast, rewritten or redistributed.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 67 67 19,513
MORTGAGES 68 68 22,501
FORECLOSURE NOTICES 0 0 2,922
BUILDING PERMITS 201 201 40,205
BANKRUPTCIES 62 62 12,548
BUSINESS LICENSES 17 17 6,391
UTILITY CONNECTIONS 50 50 7,445
MARRIAGE LICENSES 23 23 4,476