Fed, Treasury Reduce FX Assets In Latest Three Month Period
REGULATIONS
The Federal Reserve and the U.S. Treasury spent their summer reducing foreign currency reserve assets, which had ballooned over the last few years and were fast approaching the ceiling set by the Federal Open Market Committee last year. The U.S. authorities exchanged $8.45 billion worth of foreign currencies for U.S. dollars in June and July. The trades consisted of about $5.5 billion worth of Deutsche marks and $3 billion of yen.
Though a Federal Reserve spokesman denied that the decision to
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