WASHINGTON (AP) -- The Federal Reserve today injected a fresh infusion of more than 47 billion dollars into the U.S. financial system. The total cash infusion is the most since September 2001.
The net effect was that it added 6.75 billion dollars, when accounting for securities that expired, or matured, according to an official from the Federal Reserve Bank of New York.
The Federal Reserve Bank of New York is responsible for conducting market operations for the central bank. Those operations help keep the Fed's key interest rate -- called the federal funds rate -- at its current target of 4.5 percent. The funds rate, the interest banks charge each other on overnight loans, affects other rates charged to millions of consumers and businesses.