Fed’s Foreign Repo Facility Sees $60 Billion Draw

Usage of the Fed's newly-created liquidity facility for besieged US lenders more than quadrupled over the past week, data released on Thursday afternoon showed. After a slow start, borrowing via the Bank Term Funding Program stood at nearly $54 billion as of Wednesday, up from just under $12 billion a week previous. The facility was established two Sundays ago, as part of the joint effort between the Fed, Treasury and FDIC to restore confidence following the collapse of SVB. Discount window

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