Fed Intervened Twice In August-October Period
REGULATIONS
The Federal Reserve intervened twice in the foreign exchange market in August, buying $1.1 billion worth of Deutsche marks, but stayed away in September when the Exchange Rate Mechanism came under pressure, officials there confirmed late last week. The U.S. central bank did, however, buy $400 million against marks in an off-market transaction on September 8.
In addition, the U.S. monetary authorities sold $1.873 billion Deutsche marks to the German Bundesbank as was agreed last May. The Fed
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