Fed to conduct auctions for "as long as necessary"

The Federal Reserve said on Friday it will continue to run Term Auction Facility auctions twice a month "for as long as necessary to address elevated pressures in short-term funding markets."

The Fed announced plans to conduct two Term Auction Facility auctions last Wednesday as part of the joint effort by five central banks to alleviate money market tensions. About 500 banks can participate in the auctions as opposed to regular open market operations where only the 20 banks with primary lend