Banks, Investment Firms Draw Less From Fed

By: Associated Press
By: Associated Press

WASHINGTON (AP) -- The Federal Reserve says commercial banks and investment firms borrowed less over the past week from its emergency lending program.

The Fed says commercial banks averaged $63.5 billion in daily borrowing over the week that ended Wednesday. That was down from nearly $66 billion in average daily borrowing logged over the week that ended March 4.

Investment firms drew $19.7 billion over the past week from the Fed program. That was down from an average of $23.8 billion the previous week.

The identities of financial institutions that borrow from the Fed program are not released. They now pay just 0.50 percent in interest for the emergency loans.

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