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.
AP-ES-12-04-08 1630EST
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