Banks, investment firms borrow more from Fed - KWWL - Eastern Iowa Breaking News, Weather, Closings

Banks, investment firms borrow more from Fed

Posted:

WASHINGTON (KWWL) - The Federal Reserve said commercial banks and investment firms borrowed more over the past week from its emergency lending program.

The Fed said commercial banks averaged nearly $66 billion in daily borrowing over the week ending Wednesday. That was up from nearly $64.6 billion in average daily borrowing logged over the week that ended Feb. 11.

Investment firms drew $26 billion over the past week from the Fed program. That was up from an average of $25.8 billion the previous week. This category includes any loans that were made to the U.S.- and London-based broker-dealer subsidiaries of Goldman Sachs, Morgan Stanley and Bank of America Corp.'s Merrill Lynch.

Online Executive Producer Nate Leding

Powered by Frankly