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Federal Reserve responses to the subprime crisis : ウィキペディア英語版 | Federal Reserve responses to the subprime crisis
(詳細はFederal Reserve, in partnership with central banks around the world, took several steps to address the subprime mortgage crisis. Federal Reserve Chairman Ben Bernanke stated in early 2008: "Broadly, the Federal Reserve’s response has followed two tracks: efforts to support market liquidity and functioning and the pursuit of our macroeconomic objectives through monetary policy.〔http://www.federalreserve.gov/newsevents/speech/bernanke20080110a.htm〕 A 2011 study by the Government Accountability Office found that "on numerous occasions in 2008 and 2009, the Federal Reserve Board invoked emergency authority under the Federal Reserve Act of 1913 to authorize new broad-based programs and financial assistance to individual institutions to stabilize financial markets. Loans outstanding for the emergency programs peaked at more than $1 trillion in late 2008." 〔U.S. General Accounting Office. (''Federal Reserve System: Opportunities Exist to Strengthen Policies and Processes for Managing Emergency Assistance'' ), GAO-11-696. Washington, DC: General Accounting Office, 2011.〕 ==Signaling==
In August 2007,Committee announced that "downside risks to growth have increased appreciably," a signal that interest rate cuts might be forthcoming.〔(FRB: Press Release-FOMC statement-17 August 2007 )〕 Between 18 September 2007 and 30 April 2008, the target for the Federal funds rate was lowered from 5.25% to 2% and the discount rate was lowered from 5.75% to 2.25%, through six separate actions.〔(FRB: Press Release-FOMC Statement-18 September 2007 )〕〔(FRB: Press Release-FOMC statement-18 March 2008 )〕 The discount rate is the interest rate charged to commercial banks and other depository institutions on loans they receive from their regional Federal Reserve Bank's lending facility via the Discount window.
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