Banks Are Still Drawing on the Fed for $164 Billion of Emergency Cash
- Loans to the Fed’s discount window fell to $110.2 billion
- Borrowing from Fed’s new lending progam rose to $53.7 billion
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Banks reduced their borrowings only slightly from two Federal Reserve backstop facilities in the most recent week, a sign that institutions are taking advantage of the central bank’s liquidity in the wake of turmoil.
US institutions had a combined $163.9 billion in outstanding borrowings in the week through March 22, compared with $164.8 billion the previous week, according to Fed data Thursday.