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Fed says to continue providing bank liquidity
WASHINGTON (Reuters) - The Federal Reserve said on Friday it unanimously approved a new funding arrangement for Bear Stearns and Co. and said it would keep pumping liquidity into the U.S. financial system.
"The Federal Reserve is monitoring market developments closely and will continue to provide liquidity as necessary to promote the orderly functioning of the financial system," The Fed said in a statement. "The Board voted unanimously to approve the arrangement announced by JP Morgan Chase <JPM.N> and Bear Stearns <BSC.N> this morning."
(Reporting by David Lawder; Editing by Theodore d'Afflisio)
