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.

Articles You May Like

Op-ed: Thinking of moving your primary residence to a tax-advantaged state? Take these steps
President Nayib Bukele Touts El Salvador as the ‘New Land of the Free’ in Vintage Americana Poster Featuring Bitcoin as Legal Tender
Bitcoin Millionaire Tim Draper Advises Startups to Keep Bitcoin as a Hedge Against a ‘Domino’ Run on the Banks
Biggest Movers: XRP Climbs 5%, as LTC Nears Multi-Week High on Saturday
IMF’s Georgieva warns of increased risks to financial stability