Banks slightly reduced emergency borrowing from the Federal Reserve last week in the wake of the failure Silicon Valley Bank. They drew $163.9 billion in...
The numbers: Banks slightly reduced emergency borrowing from the Federal Reserve last week in the wake of the failure Silicon Valley Bank. They drew $163.9 billion from the central bank in the week ended March 22, compared to $164.7 billion in the prior week.
Key details: Banks borrowed $110.2 billion from the Fed using the “discount window.” That is the Fed’s traditional standing liquidity facility for banks. This week’s borrowing is down from $153 billion in the prior week. The Fed lent money to the holding companies of two major failed banks, California-based SVB and Signature Bank in New York.
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