Fed and ECB Pump Money Into the System

From CNBC:

The U.S. Federal Reserve and European Central Bank announced plans to pump more funds into troubled money markets to give banks enough cash to get them through a year-end squeeze

.....

Persistent concerns about banks' year-end funding drove up interbank rates and the Fed said it would put enough funds into the money markets into the new year to resist upward pressures on its benchmark interest rate, the fed funds rate.

The European Central Bank also confirmed on Monday it would continue to offer banks extra funds at its weekly tenders at least until early next year.

It appears the credit crunch is still alive and well. That's not good news, especially during the year end holiday season.