The Federal Reserve is monitoring market developments closely and will continue to provide liquidity as necessary to promote the orderly functioning of the financial system

The following press release was published by the Board of Governors of the Federal Reserve System on March 14, 2008. It is reproduced in full below.

The Federal Reserve is monitoring market developments closely and will continue to provide liquidity as necessary to promote the orderly functioning of the financial system. The Board voted unanimously to approve the arrangement announced by JPMorgan Chase and Bear Stearns this morning.

Source: Board of Governors of the Federal Reserve System