Banks, investment firms borrow less from Fed - WKOW 27: Madison, WI Breaking News, Weather and Sports

Banks, investment firms borrow less from Fed


WASHINGTON (AP) -- The Federal Reserve says banks and investment firms borrowed from its emergency lending program over the past week at a slightly slower -- but still brisk -- pace.

  The Fed's report shows commercial banks averaged nearly $110 billion in daily borrowing over the past week.

  That was down from a record $111.9 billion in average daily borrowing logged over the past week.

  For the week ending Wednesday, investment firms drew $77 billion.

  That was down from $87.4 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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