The Fed Tries to Quell Fears as Some Banks Flock to Emergency Lending Facilities

  • Federal Reserve data showed that bank customers collectively pulled $98.4 billion from accounts for the week ended March 15, as Silicon Valley Bank and Signature Bank failed. 

Banks have been flocking to emergency lending facilities set up after the failures of SVB and Signature.

  • Institutions took a daily average of $116.1 billion of loans from the central bank’s discount window.
  • They have also taken out $53.7 billion from the Bank Term Funding Program.

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