Fed to offer further funds, pay interest

The Federal Reserve on Monday announced further measures to shore up ailing money markets, pledging to inject $600 billion in longer-term funds.

The Fed said that it would inject $150 billion in both of its forthcoming 28-day and 84 day Term Auction Facility (TAF) operations. It will also up the amount offered in its two additional November auctions, announced last week, from $75 billion to $150 billion.

The US central bank will also begin to pay interest on banks' reserves held in the Fed's

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