Fed and BoE auction results show interbank easing

Tensions in money markets showed further signs of abating on Tuesday after the Federal Reserve and the Bank of England revealed the results of their latest open-market operations.

Both results revealed a drop in the cost that financial institutions are willing to pay for central bank money, signalling cheaper funds are available elsewhere.

The outcome of the Federal Reserve's Term Auction Facility operation on Monday, which pledged $30 billion in 28-day loans, also showed a fall in demand for

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