By Brian Swint
Sept. 18 (Bloomberg) -- The Federal Reserve, Europe's biggest central banks and the Bank of Japan said they are taking coordinated action to ease tensions in financial markets.
``The action is designed to address the continued elevated pressures in U.S. dollar short-term funding markets,'' the central banks said in a statement today.
The Bank of England said it will offer financial institutions $40 billion in overnight loans daily. The first loan will be today and the amount will be reviewed ``on a regular basis,'' the U.K. central bank said in a statement.
To contact the reporter on this story: Brian Swint in London at bswint@bloomberg.net.
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