The Federal Reserve has just posted a "Joint Statement by Treasury, Federal Reserve, and the FDIC on Citigroup" on its web site.

The release said: "The U.S. government is committed to supporting financial market stability, which is a prerequisite to restoring vigorous economic growth. In support of this commitment, the U.S. government on Sunday entered into an agreement with Citigroup to provide a package of guarantees, liquidity access, and capital."

A copy of the term sheet was also provided.

In an article by David Enrich, Carrick Mollenkamp, Matthias Rieker and Damian Paletta, the Wall St Journal is reporting late Sunday evening that the US government has agreed to "take unprecedented steps to stabilize Citigroup Inc. by moving to guarantee close to $300 billion in troubled assets weighing on the bank's books."

See also the following stories: Washington Post - U.S. Putting Together Rescue for Citigroup, New York Times - U.S. Plan to Aid Citigroup Said to Be Near Approval.