Bankruptcy

NY Fed Confirms ?Currency Intervention?

By mcbride

“The New York Federal Reserve Bank confirmed that it intervened in currency markets on Friday for the first time in more than a decade.

The disclosure came a day after the Group of Seven major industrialized nations pledged in a statement to join in a coordinated effort to weaken the Japanese yen. The yen has surged in the last week to post-war record levels following the Japanese earthquake and tsunami.

A spokesman at the New York Fed, which operates as the agent of the U.S. Treasury in currency operations, confirmed that it had intervened. The last time the U.S. government intervened in currency markets was the fall of 2000 when it sold dollars and bought euros to bolster the fledgling European currency.”

Here is a link to the whole story: http://hosted.ap.org/dynamic/stories/U/US_FED_INTERVENTION?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-03-18-09-01-18

Michael

Full post as published by Texas Lawyer Blog on March 18, 2011 (boomark / email).