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Live news: FedEx upgrades full-year outlook as cost-cutting outweighs lower demand

Total usage of the Federal Reserve’s lending facilities swelled by $160bn in the week ended March 15, underscoring the pressure facing financial institutions following the failure of Silicon Valley Bank.

Banks flocked to the Fed’s discount window, which offers a standing facility for banks to access support, tapping it for $148.3bn. That sent it to a record high of $152.85bn.

Loans dispersed through the Fed’s new lending facility amounted to $11.9bn in its first three days of operations.

Combined, that meant new borrowings by banks totalled just over $160bn between March 9 and 15.

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