A $53 billion crack just emerged in the financial markets... [View all]
A crack just emerged in the financial markets: The NY Fed spends $53 billion to rescue the overnight lending market
By Matt Egan, CNN Business
Updated 2:11 PM EDT, Tue September 17, 2019
New York(CNN Business) Borrowing rates skyrocketed on Tuesday in a corner of the markets the public rarely notices but that is critical to the functioning of the global financial system.
The spike in overnight borrowing rates forced the New York Federal Reserve to come to the rescue with a special operation aimed at easing stress in financial markets.
It was the NY Fed's first such rescue operation in a decade, the last occurring in late 2008.
https://amp.cnn.com/cnn/2019/09/17/business/overnight-lending-rate-spike-ny-fed/index.html?__twitter_impression=true
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