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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Richnorth who wrote (76858)	9/18/2001 12:42:56 PM
From: long-gone	Read Replies (1) \| Respond to of 116753

Tuesday September 18, 11:31 am Eastern Time Fed adds $36.25 bln in temporary bank reserves NEW YORK, Sept 18 (Reuters) - The Federal Reserve said on Tuesday it added $36.25 billion in temporary reserves to the banking system as the central bank pours cash into the financial system to keep it functioning following last week's attacks. The Fed said the operation would add funds to banks which will have to be repaid or rolled over on Wednesday. The Fed said it would arrange another repo operation after the Treasury sells bills at 1 p.m. (1700 GMT) if ``financing conditions warrant''. Benchmark federal funds were trading at 1.75 percent in morning trade, according to dealers, well below the Fed's 3.0 percent target for the rate after Monday's half-point interest rate cut. 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 temporarily pumping cash into the financial system and holding government and other fixed-income securities from major dealers as collateral.