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NY Fed Injects $53 Billion Into System In 'Unprecedented' Rescue Op

NY Fed Injects $53 Billion Into System In 'Unprecedented' Rescue Op
CNN reports borrowing rates skyrocketed on Tuesday in a corner of the markets the public rarely notices.The spike in overnight borrowing rates forced the New York Federal Reserve to launch a special operation.It was the NY Fed's first such rescue operation in a decade, the last occurring in late 2008.It's unprecedented, at least in the post-crisis era. Mark Cabana, rates strategist at Bank of America Merrill Lynch.