Banks, investment firms borrow less from Fed

November 13, 2008 12:00:00 AM PST
The Federal Reserve says banks and investment firms reduced their borrowing from its emergency lending program over the past week. The Fed's report shows commercial banks averaged $95.4 billion in daily borrowing over the past week. That was down from nearly $110 billion in average daily borrowing logged over the week ending Nov. 5.

For the week ending Wednesday, investment firms drew $64.9 billion. That compared with $77 billion in the previous week. This category was recently broadened to include any loans that were made to the U.S. and London-based broker-dealer subsidiaries of Goldman Sachs, Morgan Stanley and Merrill Lynch.

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