Central banks announce third wave of joint action

In a clear message that the credit crisis is far from over, three leading central banks announced a further series of liquidity injections in a bid to restore money market spreads to normal levels.

The Federal Reserve, the European Central Bank (ECB) and the Swiss National Bank (SNB) said on Friday they would pump an extra $96 billion into the money markets.

The Fed said it would also broaden its list of eligible collateral to include all highly-rate asset backed securities.

The Fed said it wo

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