NY Fed to extend operations to pump money into markets through Nov 4

The New York Federal Reserve Bank said Friday it will continue to inject billions into the US financial plumbing on a daily basis through November 4, extending the operations by three weeks.The effort, begun in mid-September, is aimed at preventing a spike in short-term interest rates, the New York Fed said in a statement.Rates spiked last month as banks struggled to find the cash needed to meet reserve requirements, prompting the Fed to pump billions into US money markets.