WASHINGTON -- Battling to relieve stressed credit markets, the Federal Reserve has provided a total of $360 billion in short-term loans to squeezed banks since December to help them overcome credit problems.

The central bank on Tuesday announced the results of its most recent auction — the 10th since the program started in December, where commercial banks bid to get a slice of another $50 billion in the short-term loans.

It's part of an ongoing effort by the Fed to help ease the credit crunch, which erupted last August, intensified in December and January and took another turn for the worst in March with the sudden crash of Bear Stearns, the nation's fifth-largest investment house.

The mighty blows of the housing, credit and financial crises threaten to push the country into a deep recession.

In the latest auction, commercial banks paid an interest rate of 2.870 percent for the loans.

Story Continues Below

There were 83 bidders for the slice of the $50 billion in 28-day loans. The Fed received bids for $88.3 billion worth of the loans. The auction was conducted on Monday with the results released Tuesday.

Editor's note:
Why Oil Prices Will Go Much Lower After November Election. Best Ways to Profit Now.
The Recession's Silver Lining. What it Means for Investors.
Cash in on the Shocking Growth of Personal Debt
Why the Dollar May Have Hit Bottom. New Actions to Take Now.
How to Make Healthy Profits in Sick Economy.