Treasury, Fed to meet on financial initiative

October 13 06:05:02 AM, Yahoo News

Reuters - The U.S. Treasury and Federal Reserve are meeting on Monday with "leading financial market participants" to finalize details on a market stabilization initiative, a Treasury spokeswoman said.

The confirmation of the meeting comes as several European countries have announced initiatives to recapitalize banks and guarantee interbank lending. The Treasury and Fed could announce a similar initiative as early as Tuesday.

The Wall Street Journal reported that U.S. Treasury Secretary Henry Paulson had called a meeting with top bank chiefs for 3 p.m..

(Reporting by David Lawder; Editing by Tom Hals)

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