Banks "quietly" borrow $50 billion from Fed: report
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Banks in the United States have been quietly borrowing "massive amounts" from the U.S. Federal Reserve in recent weeks, using a new measure the Fed introduced two months ago to help ease the credit crunch, according to a report on the web site of The Financial Times.
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The Federal Reserve is providing the loans as part of an unprecedented auction process to ease a global credit crisis and make sure financial institutions can keep lending to customers.
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A panel of banking economists has put the odds of a recession near 50 percent as the economy works through a housing slump this year.
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A Federal Reserve interest rate cut this  week is no sure thing and officials are not seriously  considering a half-point reduction in overnight rates, the Wall  Street Journal reported on Tuesday without citing sources.
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The Federal Reserve on Wednesday cut a key interest rate for the second time in just over a week, reducing the federal funds rate by a half point
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The economy grew at a faster clip in   the second quarter and inflation was slower than originally   reported, a government report said on Wednesday, suggesting the   Federal Reserve will keep interest rates steady.
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The Federal Reserve kept the benchmark US interest rate at 5.25 percent, declaring that inflation is slowing modestly, even as the economy picks up speed.
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While lower rates are always a positive for banks, the effects of the Fedâs cuts may not prompt an immediate rebound in profits at many banks.
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WASHINGTON -- The Federal Reserve is providing $20 billion in loans to banks as part of an unprecedented auction process to ease a global credit crisis and make sure financial institutions can keep lending to their customers.
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The central bank's efforts to inject liquidity bolstered investors, keeping Wall Street in the black Wednesday afternoon, but not by much.
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The U.S. Federal Reserve believed  interest rates were too low to forestall inflation even after  it raised borrowing costs in December, according to minutes of  that meeting released on Tuesday.
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U.S. Treasury debt prices stayed  subdued on Tuesday as fresh evidence of resilient consumer  spending suggested the Federal Reserve was not yet done raising  interest rates.
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The Federal Reserve cut U.S.  interest rates by a hefty half-percentage point on Wednesday as  part of an ongoing aggressive effort to halt a sharp slowdown  in an economy hit by a housing slump and a credit crunch.
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New York prosecutors are investigating whether Wall Street banks withheld information about the risks stemming from subprime loan-linked investments, The New York Times reported on Saturday.
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Banks, which have used a glut of cheap money to help fuel a boom in real estate and leveraged company buyouts, may face a rough ride when lending conditions turn sour, the Bank for International Settlements said on Sunday.
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Federal Reserve chairman Ben Bernanke said in a letter to a US senator that the central bank would act &quot;as needed&quot; to ease the impact of a credit squeeze on the US economy.
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Americans increased their borrowing at a 2.4 percent annual rate in May, significantly slower than in April, as a big jump in credit card borrowing was not enough to offset a slowdown in the growth of auto loans, the Federal Reserve reported Monday.