At Least It’s Not Getting Worse, Analysts Say, As Fed Borrowing Stabilizes

Liquidity needs in the US banking sector are still elevated. That was apparent from another week of heavy borrowing from the Fed at both the discount window and the newly-created bank term funding program. These weekly updates are now key "high frequency" macro inputs, to the extent we can glean something from them about contagion risk or the scope and severity of banks' deposit outflows. This week's H.4.1 release would've garnered more attention on Thursday evening were it not for unprecedent