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Fed expands asset purchases to ease credit crisis
The Federal Reserve announced a new program to buy assets from money market mutual funds, selecting JPMorgan Chase to run five funds that will purchase certificates of deposit banknotes and commercial paper. The move aims to ease redemption strain as Treasury also backs guarantees and auditors are named for the $700 billion rescue plan. Federal Reserve Chair Bernanke endorsed the effort as the White House signaled openness to a second stimulus while lawmakers weigh regulatory changes.
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