The Fed, The Fed, They Called Credit Suisse!

Both CNBC and WSJ are playing up hard the fact that the Fed called Credit Suisse to check up on a rumor that CS had pulled a line of credit from Lehman Brothers. Puhleezee.

If this was an isolated case of the Fed checking up on market activity and rumors, it would be news. However, the Fed, especially during the current market environment, regularly checks on any news or rumors that may have a significant impact on the markets.

BTW, Credt Suisse told the Fed they had no intention of pulling Lehman's credit line.