And curiously enough, it looks like the dollar is so far holding its own. Even when the US economy and its financial markets are being thoroughly battered, and there seem to be very few safe US assets available, the dollar keeps appreciating. The dollar still remains a safe haven of last resort. Finally the future.
We subsequently took strong measures, independently or in conjunction with other agencies, to help normalize key financial institutions and credit markets disrupted by the crisis. Among these were the money market mutual fund industry, in which large numbers of American households, businesses, and municipalities make short-term investments; and the commercial paper market, which many firms tap to finance their day-today operations.