The Federal Reserve has said it will launch a $40bn short-term bond-buying programme just weeks after it stopped shrinking its balance sheet following repeated bouts of strain in money markets.
The US central bank said on Wednesday it would begin purchasing Treasury bills, debt that matures in four weeks to a year, starting on December 12.
Its decision comes after interest rates in overnight lending markets jumped last month as the Fed’s three-year efforts to shrink its balance sheet absorbed excess liquidity from markets.
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