US central banks take steps to help credit markets

December 12 2007 MarketWatch.com The Federal Reserve announced plans Wednesday to ease elevated pressures in mortgage markets. The Fed will inject cash into the markets through auction of short-term funds. The Fed also announced foreign exchange swap lines with the European Central Bank and the Swiss National Bank. The Bank of Canada is also a partner in the liquidity plan. The first auction will be held on Monday Dec. 17.

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