The Federal Reserve says banks stepped up their borrowing over the past week from its emergency lending program, while Wall Street firms took a pass.
A Fed report released Thursday said commercial banks averaged $16.4 billion in daily borrowing over the past week. That’s up from $13.9 billion in the previous week.
The report shows that for the week ending July 23, Wall Street firms didn’t borrow from the Fed’s emergency facility. In the prior week, the firms averaged just $9 million in daily borrowing.
Such borrowing rose as high as $38.1 billion in early April. The Fed opened its emergency program to investment firms on March 17.
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