Just came over the wires at Bloomberg:
The Federal Reserve reduced the rate on direct loans to commercial banks by a quarter-point and said it will allow primary dealers to borrow at the rate in exchange for a “broad range” of investment-grade collateral. . . The central bank, in a statement today in Washington, also extended the maximum term of discount-window loans to 90 days from 30 days. The Fed approved the financing arrangement announced by JPMorgan Chase & Co. and Bear Stearns Cos. JPMorgan separately agreed to buy Bear Stearns for about $2 a share.
Pretty damn busy for a Sunday night. Man, they are running scared aren’t they? I imagine the dollar is going to get clobbered today.
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