U.S. Fed pumps $10 bln into financial system

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     WASHINGTON, Aug. 30 (Xinhua) -- The Federal Reserve pumped 10 billion U.S. dollars into the financial system on Thursday to help beat back a widening credit crisis.
    Since Aug. 9, the U.S. central bank has injected a total of 147.25 billion dollars into the financial system to ease tightening credit stemming from the troubles in the high-risk subprime mortgage market, which offers loans to people with lower credit and income.
    On Aug. 17, the Fed approved a half-percentage point cut in its discount rate on loans to banks to "promote the restoration of orderly conditions in financial markets."
    The decision means the discount rate, the interest rate that the Fed charges to make direct loans to banks, has been lowered to5.75 percent from 6.25 percent.
    But the Fed did not change its target for the more important federal funds rate, the interest commercial banks charge each other on overnight loans. The benchmark interest rate has remained at 5.25 percent for more than a year.
    In the statement announcing the interest rate cut, the Fed said it "is monitoring the situation and is prepared to act as needed to mitigate the adverse effects on the economy arising from the disruptions in financial markets."
    In a letter to New York Democratic Sen. Charles Schumer, dated Aug. 27 and released Wednesday, Federal Reserve Chairman Ben Bernanke wrote that the central bank is prepared to "act as needed" to protect the overall economy from the markets' recent turmoil.
               
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