Fed leads unprecedented push by central banks to flood financial mart with dollars

Posted: Tuesday, Oct 14, 2008 at 2348 hrs IST
Updated: Tuesday, Oct 14, 2008 at 2348 hrs IST

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Job loss pain crosses boundaries, sectors All that Goldman Sachs outsiders don’t get

Oct 13: Bank “can provide US dollar funding in quantities sufficient to meet their demand'' into 2009, the Fed said on Monday. “Central banks will continue to work together and are prepared to take whatever measures are necessary to provide sufficient liquidity in short- term funding markets.''

All of the previous dollar swap arrangements between the Fed and other central banks were capped. Today's "action is unprecedented,'' said Neil Mackinnon, chief economist at ECU Plc in London and a former UK Treasury official.

—Bloomberg...

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