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To: Tom M who wrote (76578)	9/21/2001 8:04:08 AM
From: long-gone	Respond to of 116816

hursday September 20, 10:36 am Eastern Time Fed adds $7.0 bln in temporary bank reserves NEW YORK, Sept 20 (Reuters) - The Federal Reserve said on Thursday it added $7.0 billion in temporary banking reserves through a round of overnight repurchase agreements as the central bank injects cash into the financial system to keep it functioning in the wake of last week's attacks. Thursday's add was much less than the $27.6 billion the Fed added through overnight repos on Wednesday and below the peak of $81.25 billion through overnight repos last Friday. The Fed accepted $2.0 billion in Treasuries as collateral at a stop out rate of 1.70 percent and $5.0 billion in agencies at a stop out rate of 1.75 percent. Benchmark federal funds were trading at 1.5 percent in morning trade, according to dealers, below the Fed's 3.0 percent target for the rate but well above lows at 0.25 percent on Wednesday. The Fed said on Monday it would ``continue to supply unusually large volumes of liquidity to the financial markets, as needed, until more normal market functioning is restored.'' The Fed uses repos as a means of smoothing out day-to-day fluctuations in its benchmark federal funds rate by supplying short-term loans to dealers and holding government and other fixed-income securities as collateral. biz.yahoo.com