[]The amount of money that banks are borrowing from the Federal Reserve crept up for the eighth week in a row, underscoring that parts of the financial system are still under some duress.
[]Total bank borrowing rose by $347 million to $106.3 billion in the seven days ending June 28.
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‘e54af69d9d6abc333f4b6d05’, chartVersion: ‘0_10_0’, chartProduct: ‘MARKETWATCH’, articleId: articleId ? articleId.getAttribute(‘content’) : ”, articleType: metaType ? metaType.getAttribute(‘content’) : ”, articleSection: metaType ? metaSection.getAttribute(‘content’) : ”, pageSource: pageSource ? pageSource.getAttribute(‘content’) : ” } window.NREUM.addPageAction( ‘chartlos:’ + action, data ); } }; })(); ]]> []The Fed has been lending money to some banks that suffered a big decline in investor deposits after several regional institutions failed in the spring. Those included Silicon Valley Bank and First Republic Bank.
[]Most of the money the Fed has lent out has come from an emergency borrowing program set up in March after the collapse of Silicon Valley Bank. Those loans totaled $103.1 billion last week, up from $102.7 billion two weeks ago.
[]The goal of the Fed program was to stop a run on banks and prevent additional failures. The program appears to have succeeded, as no bank has failed since the end of April. But not every institution has fully recovered.
[]Total borrowing from the Fed peaked at $164.8 billion in mid-March. The level of borrowing was just $15 billion before the recent bank failures.
[]The amount of money borrowed fell to $81.1 billion in early May but has climbed steadily since then.
