IN BRIEF

WASHINGTON

Fed takes more steps to ease credit crunch

The Federal Reserve is taking bigger steps to ease the nation's credit crisis, including increasing the amount of loans it plans to make available to banks this month to $100 billion.

The Federal Reserve announced Friday that it will boost the size of auctions planned for March 10 and March 24 to $50 billion each. That is up from the $30 billion limits it had previously announced. The auctions serve as short-term loans to get banks the cash they need to keep lending to their customers.

The Fed, in a statement, said it planned to continue the auctions for at least six months, and would move to even larger auction amounts if needed.

In a second step, the Fed said it will make $100 billion available to a broad range of financial players through a series of separate transactions starting on Friday.

NEW YORK

After early stumble, dollar gains on euro

The dollar briefly fell to a record low against the euro Friday after data showed U.S. job cuts rose to the biggest monthly number in five years.

But the greenback regained lost ground and was trading higher against the euro by late afternoon.

The U.S. Labor Department said American employers cut 63,000 jobs in February -- the starkest sign yet that the U.S. is heading toward a recession or has entered one already.

Those fears pushed the 15-nation euro as high as $1.5463. It was the latest in a string of all-time highs but the surge was cut short as the focus shifted to a Fed announcement that it would boost the size of auctions planned for March 10 and March 24 to $50 billion each.

That pushed the euro down to $1.5335 in late afternoon New York trading -- below the $1.5365 it bought late Thursday.

SEATTLE

Washington Mutual bond rating lowered

Standard & Poor's Ratings Services lowered its rating on a Washington Mutual Bank-backed bond issue Friday, a day after the agency cut its overall credit rating for the thrift.

The ratings agency also said the mortgage crisis could hit WaMu harder than it had predicted.

Shares of the country's largest savings and loan plunged more than 15 percent to a 52-week low of $9.91.

NEW YORK

Treasurys end mixed amid varied reports

Treasurys closed mixed Friday, after being buffeted by a complex mix of news developments, including heavy monthly job losses.

The benchmark 10-year note gained 0.28 points to 99.72 with a yield of 3.53 percent, down from 3.59 percent late Thursday. Prices and yields move in opposite directions.

But there was selling of the 30-year long bond linked to inflation concerns. A recent commodities rally has stoked inflation worries. The 30-year bond fell 0.53 points to 97 with a 4.57 percent yield, up from 4.56 percent.