Summary Box: Banks borrow less from Fed’s emergency loan program
By APThursday, February 11, 2010
Summary Box: Banks trim emergency Fed loans
WHAT HAPPENED: Banks borrowed less from the Federal Reserve’s emergency loan program over the past week. Banks averaged $14.6 billion in daily borrowing for the week that ended Wednesday, down from $14.8 billion in average borrowing for the previous week.
WHAT’S IT MEAN: Credit problems are easing now that financial conditions are improving.
WHAT’S THE STATUS OF FED’S BALANCE SHEET: It grew to $2.23 trillion, more than double the level before the financial crisis struck. That growth partly reflects the impact of a Fed economic support program aimed at driving down mortgage rates.
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