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Federal Reserve Board Governor Elizabeth Duke said on Monday that the US central bank's use of its emergency 13.3 lending powers had helped shelter the US economy from last year's financial shock.
“These facilities were used only to the extent they had to be used,” she told a meeting of Women in Housing and Finance in response to a question after delivering a speech.
“We could have had a much, much worse outcome. The crisis came up ...very quickly, and we had to act very quickly,” she said. (Reuters)