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

Banks borrow less, investment firms borrow more

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WASHINGTON (AP) -- The Federal Reserve says commercial banks borrowed slightly less from its emergency lending program, while investment firms stepped up their loans.

  The Fed's report shows commercial banks averaged $90.3 billion in daily borrowing over the past week.

  That was down from $93.6 billion in average daily borrowing logged over the week ending Nov. 26.

  Investment firms drew $57.2 billion over the week ending Wednesday.

  That was up from an average of $52.4 billion 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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