New York Federal Reserve to pump another US$75b into money markets on Friday

[NEW YORK] For a fourth straight day, the New York Federal Reserve Bank on Friday will inject billions into US money markets to preserve the Federal Reserve's control over short-term interest rates.

The New York Fed said in a statement Thursday it will again conduct a repurchase agreement operation of up to US$75 billion to offer more liquidity to the system that has been running short on cash.

It has offered the same amounts in repo operations on Tuesday, Wednesday and Thursday, for the past two operations demand outstripped the amount offered.

AFP