The US Federal Reserve on Monday pumped 3.5 six billion dollars into the distressed financial system. The Federal Reserve Bank of New York, which handles such operations for the Fed, announced the injection on its website.
The central bank on Friday slashed its discount rate to commercial banks to 5.75 percent from 6.25 percent in a surprise move marking its most decisive action since fears of a global credit crunch swept global markets.
The central bank now has pumped a total 97.5 billion dollars into the financial markets since August 9 to ease tightening credit stemming from the troubles roiling the US housing market.