WASHINGTON (AP) — Cash\u002Dshort banks have borrowed about $300 billion from the Federal Reserve in the past week, the central bank announced Thursday.
The rest of the money was borrowed by banks seeking to raise cash — likely, at least in part, to pay off depositors who tried to withdraw their money. Many mega banks, such as Bank of America, have reported receiving inflows of funds from smaller banks since the bank failures last weekend.
The Fed has lent an additional $11.9 billion from a new lending facility it announced on Sunday. The new program enables banks to raise cash and pay any depositors who withdraw money.Article content “But it is still a big number,” he said. “The glass half-empty view is that banks need a lot of money. The glass half-full take is that the system is working as intended.”
Over the past year, as the Fed steadily raised its benchmark interest rate, yields on longer-term Treasurys and other bonds rose. That, in turn, reduced the value of the lower-yielding Treasurys that the banks held.Article content
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