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Marketwatch: Fed introduces longer-term credit to help unfreeze markets

The Federal Reserve announced Wednesday several steps, including longer-term credit, in its efforts to provide cash to unfreeze financial markets. The Fed said it will now offer 84-day credits in addition to 28-day loans. The central bank also announced that it has extended its loans to broker-dealers, who are also primary dealers of Treasury debt, to the end of January from mid-September. The Fed will also auction options for primary dealers to borrow Treasury securities. These options are designed to help firms navigate periods of elevated stress in markets, such as quarter-ends. The Fed said the European Central Bank and the Swiss National Bank were also adding lengthier maturities. The Fed will increase its swap line with the ECB to $55 billion to help this shift to lengthier maturities.