The Federal Reserve has begun providing liquidity to a market hard-hit by the subprime mortgage-sparked credit crunch and said it will continue to "provide reserves as necessary."The Fed said Friday that it is providing the support "to facilitate the orderly functioning of financial markets," noting that "in current circumstances, depository institutions may experience unusual funding needs because of dislocations in money and credit markets." The Federal Reserve can be found online at http://www.federalreserve.gov.
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