Banks trim borrowing from Fed

July 16, 2009 1:39:44 PM PDT
Banks reduced borrowing from the Federal Reserve's emergency lending facility over the past week and cut back on other programs designed to ease the financial crisis, encouraging signs that some credit stresses are easing. The Fed says commercial banks averaged $34.46 billion in daily borrowing over the week that ended Wednesday. That was down from $34.97 billion in the week ended July 8.

The identities of the financial institutions are not released. They pay just 0.50 percent in interest for the emergency loans.

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