Today the Federal Reserve announced that commercial banks averaged $20.8 billion in daily borrowing over the past week, down $1.81 billion from the week before and far less than the $95.38 billion they borrowed this week last year.
In addition to borrowing less from the Fed’s emergency lending program, banks also reduced their use of other credit programs designed to ease the financial crisis. The decrease in borrowing indicates that banks are having a slightly easier time getting short-term loans in private markets.
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