Fed could step in if US government hits debt ceiling, minutes show

us-federal-reserve

The Federal Reserve's top policymakers held an additional, unscheduled meeting in October to discuss contingency plans in the event the US federal government hit the $16.7 trillion cap on national debt last month, it has emerged.

The Federal Open Market Committee (FOMC) held a conference call on October 16 to consider the potential implications of the government failing to meet its obligations for the Fed's operations and the wider financial markets. The next day the US Congress, after months of