Fed lent $300B in emergency funds to banks in the past week
Published: Mar. 19, 2023 at 8:04 AM CDT
WASHINGTON (AP) - The Federal Reserves says cash-short banks have borrowed about $300 billion in emergency funding from the central bank in the past week.
Nearly half the money - $143 billion - went to holding companies for the two major banks that failed over the past week, Silicon Valley Bank and Signature Bank, triggering widespread alarm in financial markets.
An additional $148 billion in lending was provided through a longstanding program called the “discount window,” and amounted to a record level for that program.
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