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bob3

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bob3

Re: None

Monday, 05/19/2008 1:28:54 PM

Monday, May 19, 2008 1:28:54 PM

Post# of 76351
Fed to auction $75 bln 28-day loans under TAF program
10:18 AM ET, May 19, 2008 - By Greg Robb
WASHINGTON (MarketWatch) -

The Federal Reserve said Monday it will auction $75 billion of 28-day loans at a minimum bid rate of 1.99% under its new term-auction facility. The TAF program is designed to inject liquidity into the inter-bank funding markets. Banks have been relunctant to lend to each other as they need to shore up their balance sheets in the wake of the subprime mortgage crisis. The auction will be held later Monday and the results will be announced on Tuesday
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