The Federal Reserve, trying to calm financial turmoil on Wall Street, announced this morning that it will provide liquidity to help bolster U.S. financial markets, the Associated Press reported.

In a short statement, the central bank said it will provide “reserves as necessary” to help the markets safely make their way. It did not provide details but said it would do all it can to “facilitate the orderly functioning of financial markets.”

The Fed’s action comes one day after a financial panic about a credit crunch swept through Europe. That prompted the Europeans to pump $130 billion into their financial system. The Fed moved yesterday to add an extra $24 billion in temporary reserves to the U.S. banking system.

The Fed chose not to cut a key interest rate, the federal funds rate, to address the problem. That interest rate, which banks charge each other for overnight loans, still stands at 5.25 percent.