Fed auctions another $75 billion

July 29, 2008 8:08:39 AM PDT
The Federal Reserve has auctioned another $75 billion in loans to squeezed banks to help them overcome credit problems.The central bank on Tuesday released the results of its most recent auction. It's part of an ongoing program started in December that seeks to ease financial turmoil and credit stresses.

In the latest auction, the Fed says commercial banks paid an interest rate of 2.350 percent for the 28-day loans. There were 70 bidders. The Fed says it received bids for $90.56 billion worth of the loans.