Emergency Fed Borrowing Elevated, But ‘Stable’

Stress across the US banking system might've abated in recent weeks, but liquidity demand remains evident -- or at least on a quick glance. Thursday's update on Fed borrowing suggested banks continued to migrate from the discount window to the newly-created bank term funding program, but overall usage remained near $150 billion. Discount window borrowing, which the Fed would like to destigmatize, fell to less than half the panic peak seen in the week following SVB's collapse. But borrowing