Fed announces plans to provide more support for repo market

The Federal Reserve says it will keep pumping cash into a vital but obscure corner of U.S. financial markets in coming weeks.

The Federal Reserve will keep pumping cash into a vital but obscure corner of U.S. financial markets in coming weeks.

Officials say this week's spike in rates is not a precursor of the type of underlying troubles that preceded the 2008 market meltdown. In the fourth operation on Friday, banks asked for $75.55 billion in reserves, only slightly higher than the $75 billion limit set by the Fed. The Fed announced on Wednesday that it was cutting the benchmark rate by a quarter-point to a new range of 1.75% to 2% as it seeks to cushion the U.S. economy from various threats, ranging from a slowing global economy to shocks from President Donald Trump's trade war with China.

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