Fed, Mutual Funds, In Talks To Drain $1 Trillion From System -Bloomberg
February 11 2010 - 8:45AM
Dow Jones News
The Federal Reserve is in talks with the money-market mutual
fund industry with an eye toward draining as much as $1 trillion
from the financial system, Bloomberg News reported Thursday on its
Web site, citing a person familiar with those discussions. In
addition, the Fed is considering conducting reverse repurchase
agreements with Fannie Mae (FNM) and Freddie Mac (FRE), said the
person. Spokesman for Fannie and Freddie declined comment.
Separately, Deborah Cunningham, a chief investment officer at
Federated Investors Inc. (FII), said talks between the Fed and the
mutual fund industry "seem pretty positive," and that government
and industry should be in a position to conduct those operations
before the end of the year.
Full story at:
www.bloomberg.com/apps/news?pid=20601087&sid=aSn2_iDKbl1g&pos=2
-Dow Jones Newswires; 212-416-2900
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